Yes. The kind of people who use iPhone minis are generally more reasonable and won't spent too much time doomscrolling on them or overusing them for random stuff (like pretending you are a good photographer).
In that sense they are very bad customers because they won't upgrade for social status reason or just novelty. They actually need to come up with something that is worthwhile, which is pretty hard.
That being said, I'm pretty sure many of those users would upgrade if they could keep the small format and make it more reasonably affordable by removing most of "useless" stuff. It seems like they tried that with the air (no multiple cameras, no multiple speakers) but they made it too big and went with thinness for feeling points. They could have just kept it reasonably sized (under 6") and designed the internals in the same way while keeping it flat but not too thick.
I think Apple is a bit lost because their design focus too much on looks/feelings and social status points. They lack the focus that Apple products used to have, this is what made them interesting: deceptively simple in presentation but actually providing everything that you need without going crazy on the gimmicks.
As it is, one wonders why he should go with an iPhone. They are just chasing specs sheet points, trying to maximise the amounts of stuff they can put on the phone in order to create the appearance of "value". At this game they get destroyed by competitors like Samsung and even more the Chinese. Before, one could argue for an iPhone because of the CPU lead or the software but nowadays none of those things really matters or can even be considered an advantage.
Apple will keep selling lot's of iPhone because they are still somewhat the "hip" brand and people really don't like to change habits. But they are going to need to provide more value in the long term. Since the high-end doesn't meaningfully evolve anymore, brands have started a price war and Apple will definitely need to adapt if it doesn't want to have its crown stollen. In the US they have some time, but I think they are already losing ground in the EU and China has clearly stopped caring about their devices.