SO. MUCH. THIS.
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I know a few folks who do, but most of them have a hand-me-down cycle they follow. I get a new phone every 2-3 years and hand the old phone down to a friend or family member with something older.
Same here, but I have teens. Parents get new phones every 2-4 years, teens get “new-ish” phones with new batteries. Apple supports their phones about 6 years, so we have them the full supported life and get a little money back on trade-in. Hardware is pretty obsolete by then, so I wouldn’t want to keep them longer
New batteries have been reasonably priced and easy to get done. We spend a little more for better cases so the phones usually last, however replacing a screen means replacing the phone