The iphone is the best selling computing device in history and is among the most expensive in its category.
Of course people show off their iPhone. It's a big reason of owing one, it's also a big reason behind slight/major redesigns (people are able to show they have the latest model).
Perhaps you take "show off" literally, like someone going "hey, look, I have an expensive phone"?
It's way more subtle than that, only someone totally crash would do it that way. It's done the same way people buy expensive sneakers and clothes, or how people buy Teslas (or used to) and similar stuff. As a consumer identity that signals you afford a higher cost lifestyle.
This year, things look pretty comparable according to this shopping guide. You can get slightly worse or last year's line for about $100 less, or something with comparable specs (some better, some worse) for about the same price:
https://www.androidcentral.com/phones/apple-iphone/4-android...
The thing with price/performance is that it doesn't dictate high end or low end. It just says you need to be competitive at some price points.