With my own Phones Show now in the past, I'm very happy to recommend other YouTubers, not least Arun Maini here, who - aside from the juvenile backwards baseball cap - produces very high quality content, in this case answering the question of whether it's best to pay $400/£400 now for a 2022 mid-ranger or the same for a two year old flagship. Not included in the scoring but very relevant, of course, is that holding onto older hardware for longer is the best thing for the planet - but it's also the best for you in terms of experience, it seems!
Here's his verdict:
Of note is that his timescale/difference was two years - and that if the choice is between a 2022 mid-ranger and a three year old flagship then the maths change and things come out a lot more equal. Not least because the three year old phone will be in its last year of software support.
But yes, I endorse Arun's conclusions. Especially if, for example, you're talking about a Pixel 4 device (with Google's only real Face ID system) or a two year old iPhone (which will go on longer than any equivalent Android device).