I think this is fair. I actually see society (or at least I hope) moving away from large screened phones and going for a more minimalist smaller phone and potentially wearables. I expect AR glasses with very minimal, but meaningful interactions, with a focus on communication, health, and discovery/activities/travel. I think we are already seeing problems with young people and their phones.
That is the future I hope for and I believe Apple will be the company that makes it a reality. I activated cellular on my AW3 a few days ago and I'm loving it. Signal strength is not great but sufficient. I find that I'm quite content leaving my phone at home and walking out the door with just the AW3 and my AirPods. I certainly don't want bigger and more devices to carry around. Give me the smallest device to do what I need simply and reliably and I'll pay the premium. Also, I'm not interested in hopping from OS and devices to save some bucks or get the latest tech. If I think Apple is over charging for a next generation device I'll just hold on to the one I got until I feel the value is there to upgrade.