I'm on year 3 of my iPhone 8. I nearly pulled the trigger on the 11, but held off due to the 6.1" size just being too large for one handed use. I'd have gone with the 5.8" 11 Pro, but I can't justify $1200 on a phone.
So I'd honestly be open to an 8S or SE 2 (or whatever they call it) if they can significantly improve the camera compared to the original 8. If it's just a RAM upgrade and the A13 bionic chip, I'll pass. My iPhone 8 is hanging in there in every way except for battery life and camera quality at this point.
Held on to my 128G 7+ for similar reasons. Since it has dual cameras with 2X optical zoom, IMO, only the 11 Pros would make sense and could not justify the price tag.