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Apple still does security updates for IOS - last was 12.5.7 - 23 Jan 2023 - that's back to the iPhone 5S.

Feature updates with the current IOS 16 goes back to the iPhone 8

Yeah you do lose feature updates and slowly app support after the latest version drops support, but it's not like they're dropping support after 2 years, and you can stay on it for years later if you'd like.

I'm not saying it couldn't be better but they're clearly far above the vast majority of their competition.

Also, old versions of android are very functional. Nearly every app will run fine even on ancient android.

Old versions of iOS quickly stop working as apps demand updates, and the updates require a new iOS version.

I wish that were the case with all android manufacturers - Verizon versions of Samsung phones have locked bootloader's and (afaik) there aren't working bootloader unlocks for all of them