Correction: if other users are reporting this exact behavior on their phones, it might be an iOS 17 bug. If this is the case, the only thing you can do is wait patiently until Apple fixed it.
There was a bug, I think on iPadOS 13, that after a certain combination of actions, it caused a restoring/reboot of the iPad. Nobody was aware of it because nobody did que their iPads what I was doing in order to crash it. It implied having a PDF and a text editor in split screen, with the PDF on the right side, IIRC, while screen recording, and then pushing down the Control Center. It was such an unique situation, that despite reporting it several times, I had to wait several updates, until one of the last iPadOS 13 updates, to have it fixed.
I’d recommend you to patiently wait, if it’s not addressed in the following updates, it will be with iOS 18, most certainly. All we can do is report it and wait. Good luck.
If your experience, or perception, is that iOS 17 works better on older devices, that goes against the idea of planned obsolescence that you mentioned earlier. Following the planned obsolescence theory, the newest devices should be the ones that work well with the latest operating system.