There’s nothing wrong with expensive jewelry. Your son isn’t being bullied because the iPhone has more features than the S20.
Bullying’s bad but focusing on explaining the technical benefits of the S20 show a fundamental misunderstanding of the situation on your part.
If you’re not equipped to help him deal with the bullying, you should consider getting him an iPhone. It’s probably the easiest way out of the situation and there are worse things in the world than being accepted socially. He’s going to have plenty of time in life to be miserable and build character. If buying an iPhone today can make things better, why not?