No.
2013 flagships - HTC One & Xiaomi Mi 3
I only generally stick to flagships for now on. Better resell value than something much lower. Excellent GPU prevents it from being outdated faster. There are many sub-$100 smartphones in the Philippines generally from local brands. There is this one from MyPhone called the Rio Craze selling for under $50 with KitKat but only has 256 MB RAM. *facepalm* True, KK can run under 512 MB but as little as 256 is really pushing it. Most of these local phone bargain phones are junk and tend to break less than a year with very unresponsive touchscreen panels, terrible battery life, camera, etc. Battery life or poor camera are even weaknesses found on flagships (Nexus, HTC Ones, Moto G/X's)
For awhile in 2012, I actually did use a lower end smartphone which was the Nexus One. It was a 2-yr old smartphone at the time. Nexus One after 4 yrs can still hold its own vs many lower end smartphones of today running on newer software. This is why flagships tend to have more longevity than midrangers and lower. But I also had a local branded feature phone for abt $80 a couple yrs ago which had analog TV and a louder external speaker than my M7's BoomSound. Maybe by 2017, my current pair of 2013 flagships should be considered low end by that point. But Android getting leaner and more mature might make me keep them even longer or until their batt dies out, whichever comes first.
If I decide to go low-end, perhaps another Xiaomi. I really don't pay attention to Xiaomi's stealing data and passing it to the Chinese gov controversy. Google, Facebook, etc all steal too. SnapChat doesn't eliminate all photos either yet people still use it. But I digress, the Xiaomi Redmi 1s is considered entry level (sub-$150), but it has specs that surpass the Moto G. The key to longevity isn't the CPU but the GPU. Heck, I get benchmark scores of 19k AnTuTu for my pair of phones while both on power/battery saving mode. Throttled down to like 1.1-1.3 GHz for a couple cores and I get respectable enough UI results.
The GPU is really the heart of the UI. Most Samsung Galaxy Note/S3 owners can live with their CPU running under 1.2 GHz with respectable batt life. It is that Mali 400 that becomes their bottleneck. Even my iPhone 4 from 2010 can hold its own vs the 2013 HTC One in most areas except gaming because that GPU got outdated fast unlike the 4s. Stuttering animations, the A4 single core chip showed its weaknesses by iOS6 and many modern games. My Mi 3 belongs on the long battery life Hall of Fame next to my old iPhone 4. Perhaps surpassing it. Generally 9-10 hr screen time. Avg on Android is 5 hrs or lower including all low end devices.