Well, not an awful lot has changed between an iPhone 11 to an iPhone 14 and camera tech has only improved because Android manufacturers have been pushing past the 40 megapixel sensors for the past few years which is becoming a standard. Apple are very reactionary of late, even if they often 'do it better' eventually.
Look at the standard iPhone for example, they still only have a dual camera system despite costing close and over £1k depending on storage. How many years can Apple milk that? Competiton has triple and quadruple systems on devices of the same cost and cheaper. Apple only seem to hold back so they can further justify a 'Pro' price point and market a triple system to this effect. Now changing this would be a 'meaningful' update.
I personally don't see the issue with the standard iPhone model still sporting 2 cameras when, by your admission, Apple also sells pro models that users can buy if it meets their needs. If it helps, you can think of the pro max iPhone as the "true" flagship, while the base iPhone is a cheaper option for users who don't need all the bells and whistles, or perhaps desires something lighter or with longer battery life.
Also, people are just holding on to their phones longer, be it the iPhone or android phone. If you consider the average user using an iPhone for say, 4 years, suddenly, there not really being much difference between the iPhone 11 and 14 isn't that big a deal when majority of iPhone 11 users are not in the market for a new iPhone anyways. They will get a new iPhone when it gets long in the tooth or when the battery starts to die out, and I believe it's an arrangement Apple is fine with. What matters is that people continue using iPhones, because the entire Apple ecosystem is designed to monetise the user base. This is one key benefit that no other android handset OEM gets to enjoy, because they don't own their own ecosystem.
As such, it's no longer meaningful to compare iPhones with android phones. It's the Apple ecosystem vs everything else, and the reason why Apple gets to reap the benefits of having their own ecosystem is because they were the only company willing to invest in building up their own ecosystem in the first place (and credit goes to Tim Cook for doubling down on this).
As I am discussing with you about this, I am more certain than ever that Apple will never release a folding phone. Setting aside the discussion regarding its merits, I feel there simply isn't a market for it. In the US, Apple appears to be purely on a device replacement / upgrading cycle, in that the people buying iPhones do so when it's finally time to upgrade or if they are switching from Samsung. People are not leaving the Apple ecosystem. That much, I can be certain of. Instead, Apple's revenue will increasingly come from services and additional Apple hardware / accessories. That's why in the long run, the vision pro makes more sense than a galaxy fold clone, when you consider a consumer buying the vision pro in addition to the iPhone, rather than as a replacement for it.
Outside of the US, Apple's strength lies in its aspirational brand status and in its ecosystem. Expect more of their growth to come from developing countries where people move up the socioeconomic ladder and as their economy returns to the norm after years of disruptions caused by the pandemic. This will matter more to consumers than all the camera pixels or ram in the world.
Apple is no fool. They know what matters to their user base, and what doesn't.