On a general note I would say for the individual consumer it doesn't matter so much if they keep releasing yearly, we just don't have to buy yearly.
It's kind of a waste of resources for the manufacturers supporting more models than necessary. If that leads to shorter support schedules that's when it impacts us. But as you observed they seem to be lengthening at the moment.
I'm currently on a Pixel 6 from 2021, that I bought used from someone who was chasing the latest and greatest. I have no reason for changing yet. After October 2026 when support ends I'll see if I have to migrate to Graphene OS or something. If no secure path forward exists I may have to get newer hardware then.