Apple going to have a hard time getting people with M1 macs to upgrade any time soon.
If the 2012 lasted me 5 years back then, this M1 Pro should last at least as long since the things that drove me to upgrade from the 2012 (mainly thermals) are not a problem with this machine.
I have an iPhone 11 (fall 2019) and I see no reason to upgrade.
It does feel like we’ve hit a plateau. The only step up I can see would be on-device ML/“AI” models. Removing the latency and improving offline capabilities of something like Siri would open some doors.
And I may slide in a Mac Mini/Studio in place of my iMac at some point, I'm not really in a hurry in spite of being out of OS update support. It's basically a browser machine given I have a newish laptop.