Comment by hgoel

Upgrade cycles have slowed down in recent years, the improvements are relatively incremental nowadays. Screens, durability, processors, storage sizes, cameras, even battery life are okay-ish and aren't improving quickly enough to justify the same upgrade rate. Foldables are basically the only big innovation in recent years, but are still a little too fragile and expensive.

This is also reflected in the increasing support durations from major manufacturers.