I used to be like you but the landscape has changed. iPhones are no longer vastly different year on year and they are a lot more expensive than they used to be. Unlike most of my friends and family I have an interest in technology to the point I discuss it in places like this, yet I’m happy using an iPhone 8+ despite having a good job and being able to afford whatever iPhone I want. It’s not as black and white as you make out and more and more people are extending upgrade periods or buying more economical options Apple offer.This year will be no different to previous years: the new iPhones will be the best Apple has ever made. If you can afford it, you will buy it. If you can't, you'll be jealous of those who can.
There's no reason not to upgrade once a year. I've never been disappointed doing this, and will continue taking advantage of the latest and greatest iPhones as and when Apple releases them.
Nobody is looking at your iPhone XS Max with overflowing waves of jealous mate lol. It’s just not everybody sees the value or desires the latest and greatest anymore.