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Apple's stance is that your iPhone is not your, but still Apple's, and you're only renting it under strict conditions.

And my stance is that if it looks like a duck, quacks like a duck, then it's a duck. Purchasing something already has an established definition and strong implicit contracts associated with that. Sooner or later this BS shall pass and I will be able to buy a phone without agreeing to a EULA and own the phone in the same way that I buy a banana and own it without having to agree to a EULA.

Are Apple obligated to update your device too?

Totally irrelevant to whether I own what I bought at the time of sale.

If they want to release free updates (which I own a copy of) that's fine. If they make me pay for updates (which I will also then own a copy of) that's also fine. If they want to make me sign a Eula to get updates from them, fine I won't sign it but you better have not locked me out of my own device by preventing me from installing other operating systems.

If they promised updates for x years, then yes.

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