If the phone is physically okay and you depend on few core functionalities, then it is perfectly okay to keep using it for majority of (non-critical) tasks. Most bugs in the system & features of old iOS are limited to that old OS anyway - and most likely addressed. If some advanced utility are going to be involved e.g. work communications, some security protocols, I'll perhaps work with a device which still gets critical updates at the least.
I have a iPhone 8 which I use just to Facetime my MIL and receive her iMessages (I am on Pixels since 2019). I can't foresee a old patched- often iOS with a older no-frills Facetime version to have a major risks. For these tasks, I don't see it necessary to get a new iphone.