It won’t work with modern apps in about 3 or 4 years, or even if it does, it’ll be so slow, it would practically be unusable.
Maybe on Android... my iPhone is 5 years old and works better now (faster, more features, more apps) than it did when it was brand new. It has a 6 core CPU with two of the cores running at 2.65Ghz (the other four cores are 1.8Ghz) - plenty fast enough and fully supported by all the latest software. Really the only thing I'm missing out on is 5G. And wireless charging doesn't have fancy magnets to hold it in place - oh well.
Upgrading to the latest model would give me the same number of CPU cores and about 20% higher clock speed and slightly more RAM - both barely noticeable. I would get a better camera - but I'm OK with this one for a bit longer.
I replaced the battery a few months ago, which was free - under warranty even after five years because Apple's extended warranty can be paid monthly and lasts until you stop paying (and gets cheaper, as your phone ages). The warranty even covers accidental damage (screen repairs, etc).