With iPhones SE in particular, Apple pulls its evergreen trump card: its market-leading SoC.
-In September 2024, all the tech-world will gawk over how great and efficient iPhones 16 are with A18, and how Apple still wins with its silicon.
Then when SE 4 drops in Q2-Q3 2025, the news will be "SE 4 is just as blazingly fast as iPhones 16 and and very close to 16 Pro. Sure, no Apple Intelligence. But you get a brand new iPhone with 128GB, Face ID, and A18, the World's fastest SoC. Wow!"
This has, sort of, been the headline at every SE launch because the "mid-tier iPhone performance but at budget smartphone price" just works.
Apple doesn't need to do any more than that. Apple Intelligence, as it stands, is not a must-have for most of us.
On that note, I think launching SE 4 in 2025 could turn out to be really great timing as it offers Apple a backup plan of sorts iiPhones 16 fail enough to hurt the bottomline, like if Apple Intelligence isn't pushing a lot to upgrade, or gets bad reviews because its so far from the WWDC 24' promises. Who knows.