It would have a faster CPU, more RAM, and more storage, but it's rare I run into any of those limits. It would have a better camera than my current phone, but it would still be worse than my Olympus. It would have a bigger screen, but I wouldn't have a bigger hand and that would make it harder to use. It would have a bigger battery, but it would need a bigger battery. It wouldn't have a headphone jack, and I use mine. It might have an AI thing, but I don't want an AI thing.
For about a decade after the current era of smartphones launched, they weren't good enough to do all the things people wanted them to, so most people were eager to upgrade when possible. Now they are, and an upgrade usually brings more hassle than excitement.