Apple software releases for the past few years are seldom optimized to work on older devices. I had my iPhone 13 PM go through a display replacement because of Green screen issue after software updates. For that matter, even iPhone 16 series was launched with various software bugs in iOS 18 for which Apple had to release fixes through iOS 18.0.1, but even then many users are still complaining of persistent and new issues. Apple themselves have acknowledged this and you can also the check the change log of iOS 18.0.1 release.
So to summarize, the problem lies with the tunning of software to suit the hardware of the model. For eg., Windows 11 can't run on older PC's but if you force install it by other means, your graphics card might burn out or motherboard might not work or display might fail or any other hardware related problems might occur.
Samsung S23 will not get the same update as Samsung S24 ultra.
Now to say that it's not the software compatibility issue with the hardware, in my view is an absurd argument.
Anyways, what is the hype all about?, the AI features?, think about this - anyways model’s till iPhone 15 plus aren't going to get them, but a Google tensor processor or an basic 4nm based Snapdragon processor will have those by default. Think about all of this !!!
Finally, do a google search about the stability of iOS before upgrading.