I've been saying this for a while. I think ALL smartphones plateaued 4 cycles ago. The yearly release cycle seems to mainly to keep the stock price up and has just led to the constant whining that Apple isn't "innovating."

I love Apple products. But I'm well past the point where I feel need or desire to upgrade every year. I'm still rocking my iPhone 12 mini. My 2016 Macbook Pro still works ok but I did upgrade to an M2 Max last year that I plan to keep for at least 6 years. The software updates are more important these days than constant expectations of revolutionary hardware.