I may be alone in thinking this, but I don’t really understand what the benefits are of a hole punch design (which, by the way, would need to accommodate
four components) versus the ‘notch’, or indeed a smaller version of one.
Something that works very well for the current design is that the camera and Face ID modules are, essentially, made to become part of the device’s frame. By having a continuous unobstructed black border around the screen, the components are not glaringly obvious or in the way of the content you're viewing. It's made clear that the area is an extension of the border.
But the moment you break that border, you introduce a number issues.
For instance, is the tiny space between the 'holes' and the border of any significant value to the user? Or is it purely an aesthetic choice to say that you're maximising space, even though it doesn't bring any benefits?
What happens if you press/hold in that area whilst in landscape mode?
Will it confuse people more having black circles on their content rather than an area that's clearly inactive? Would it confuse some users into thinking they're items on the status bar?
These are simple questions, but the kind that Apple will have thought hard about. Just because other companies are taking the hole punch approach doesn't make it the
right choice - it's simply a feature that I would say struggles to convey any clear benefits.
If Apple found a way to engineer the display so that only camera module needed a hole punch, then this could be a different matter altogether. I'm just not sure how the other 3 modules would be incorporated behind the display.