My iPhone is 4 years old, it's a 2nd gen SE. Still does what I need it to do. My laptop is a 2012 MacBook Pro. It still basically works but it's starting to have issues so I'll be replacing it this year.
I was late to the Apple Watch game, having just getting one a year ago. I don't see why I'll ever replace it until it simply fails mechanically.
I stopped using my iPad because I couldn't do everything I needed to do an an iPad so I still needed my MacBook. Given that I have an iPhone, it just hit a spot I don't need. It seems like the options are laptop, table, phone - pick two.
Is that downsizing? Not really. I just get the tools I need as I need them.