I have iOS 26.4.2 on an iPhone 14 (6GB RAM) and an iPhone SE 3 on iOS 18.7.8 (4GB RAM). Even with the extra RAM, there is still a bit of lag on the iPhone 14, but not on the iPhone SE 3.
For example, when I'm browsing through the "Offers" section of the AmEx app, whenever I add/save an Offer, there's a slight lag in saving it. After the Offer is saved, I'll swipe up to see what other Offers are available. When I do, there's a slight stutter before I can continue to swipe up to see other Offers.
I do not have this lag and stutter issue on the iPhone SE 3.
I also have lag with the Apple Stocks app on the iPhone 14. It seems to take an extra second or two for it to update. No such problems on the iPhone SE 3.
I don't think it's a RAM issue with iOS 26. It just sucks. I'd downupgrade my iPhone 14 to iOS 18.7.8 if I could.