I held on to an old 5x for what felt like forever until the 3a came around. I've zero interest in the high end phone market, I'm sort of horrified at 6, 7, $800+ the prices, and I feel like I use fewer and fewer apps all the time. Hopefully google with the 'a' models and Apple with the SE will stick with the mid range products.
It’s possible you will get better TCO by spending more upfront if you intend to keep the phone while it is still “current” and receiving OS updates - some quick calculations below based on phones mentioned in another comment (happy to be corrected if the info is wrong). The pixel 4a has “No guaranteed Android version updates after August 2023” according to google. $350 / 3 = $116/year. iPhone 11 is $699 according to…
So given that iPhones are not a serious option, this phone seems like the best that exists.