Like a lot of people, I used to buy iPhones every new release but went from a 12 back down to an 11 pro, and have kept going with that.
Why?
The 12 has 5g, and better cameras etc, more processing power, and so on, but the 11Pro has 4g which is plenty for me, the cameras are great (and I have professional cameras anyway for anything serious), and everything else (computing power etc) is practically the same in every day use. I think the design language is far more exquisite when compared to later models and much more comfortable. That’s personal taste, I know, but I think Apple went the wrong way with design with the 12. Also, a used (new condition) 11pro with 256gb is now about ⅓ the price of a 14pro.
My point is that I doubt I’m the only person in the world who doesn’t feel the need to keep upgrading year on year. I can’t see anything compelling enough for me to feel like dropping another 1k plus on a new phone for maybe another 2 or 3 years.
Sure, I’m probably in a minority here, but with Apple iPhone volumes even a minority is going to be significant numbers.
If a new SE is released in the shape of an 11 I’ll consider it if only for the 5g.