I miss my hand-me-down SE from 2016. Passed it along to a family member a couple years ago, got used to this XR (much larger, no button; I miss the button), and I'll use this phone into the ground because I care far more about my ecological impact than I care about having specific luxuries (I understand that I'm relatively rich as it is, and that the fact that I have such a nice phone, even if it's a gift, is like having a large number of enslaved people doing things for me. I mentally prepare to be okay living on a lot less).
I don't believe it will happen. Apple seems to be planning to merge iPhone and Mac. These new iPhones will need a large screen. Trying to support a small screen in this eventuality will be impractical.
I plan on using my current handset (iPhone SE 2022) until it stops receiving security updates. I very much hope that when the time comes Apple still offers a handset in the same form factor.