I know plenty of them, see them all day in my waiting room on their new 7/7+ iphones or S8/8+, I'm expecting some Note 8's any day now. All my friends complain that their teens want the latest and greatest. Of course that's just anecdotal and I'm not saying I know in general. My kids are too young to worry about that yet, sigh... But if they don't have any other bills then I don't see needing to be wealthy to afford $40-50/month if they are working.
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Yep and you'll note they advise developers to use a "safe" zone to include all their content inside, the safe zone is only marginally wider than the 4.7" iPhone full screen because of the rounded corners and notch. It may not even be larger, I'm not sure I didn't look up the exact pixels.
But back to your point, I guess everyone is on this 18:9 kick, I'm hoping it's a fad. Even the Mate 10, which I was hoping would have kept 16:9, has succumbed to the new aspect fad.