More likely people will retain their current devices for longer and wait this whole thing out - there's less reason to upgrade than there was a decade ago.

Processing power increases have noticeably plateaued, with e.g. Nvidia GPUs steadily increasing in TDP to make up for there not being enough gains from updated process nodes. The RTX 5080 is rated at 67% higher TDP than the RTX 2080, but you don't see such an increase throughout most of the 2010s, so before the latter was released.