I used a smartphone that was released in 2014 until the end of 2020. It worked perfectly fine, and would have continued to work perfectly fine—except for the software. The GPS date rollover happened and there was no official update to fix it to the new epoch. VoLTE support in custom ROMs was impossible (because this feature is locked in a closed-source binary blob), so it couldn’t make phone calls once my provider turned off their 3G network. Otherwise, it was fast and worked fine.
When I gave up and looked for a replacement, I found that most low- and mid-range phones sold in 2021 have slower hardware with fewer features than my 2014-era flagship phone. Lower-resolution non-OLED screens, lower benchmark scores, no wireless charging, no waterproofing, no replaceable batteries, no unlocked bootloaders. The idea that newer hardware is objectively superior is simply untrue.