ok we I'm speculating obviously but I really don't think we will ever see a 5.4 in mini phone again. Here are my reasons why the next gen SE will not be based on my favorite iPhone the mini:
A). the mini is a flop, no doubt people are not interested in this size, and when its time to upgrade I believe people consciously see the value in screen sizes.
B). the SE models were based on very successful phones from the iPhone 5-5s, first gen se to iPhone 6 to 8 body size
C). other manufactures are making really good budget phone averaging 6 in to 6.4 in and making a new body budget phone with bigger screen size, even if its a 6.1 LCD based on the XR, 11, will be bonkers and will be successfully especially since apple is moving away from the notch as a mainstream feature to the dynamic island as a mainstream feature. 6.1 appears to be the mainstream ideal screen size for most people who are on a budget. They have tons of capacity to church out LCD 6.1 iPhones with notches.
D). it was acceptable to release the first gen se with the 4.5 in screen at the time it was released in 2016. It was barely tolerable to release the 2020 se with 4.7 in. But 2023 and 2024, I just don't see apple releasing a new SE with a small screen when they have the scale the make 6.1 in LCD screen which are way cheaper to produce but aesthetically and for people with limited budget, 6.1 is a nice screen size.
E). apple loves to scale up high end features that are 5 years old that they can churn out. 2nd gen Touch ID is top notch it just works. Touch ID on my m2 Mac and 14 Mbp is top notch. Same with the current faceID on the notch. Its really good technology. Yes 5 years later they can produce these screens and notches way cheaper than 5.4 in OLD or 5.4 LCD (5.4 LCSW it would be "new" and never released and they may need to change the body of the 5.4 if LCD is use which is not apple's typical move with the SE). They want the same technology, very little R&D use in the SE. Just fit an updated processor and maybe same or similar size battery for bigger profit margins in the same body).
Ok I obviously have way too much time to think about this topic lol. carry on.