Minor spec bump? I don't think so. Doubliing the RAM is a huge spec bump. Much more important than going to OLED in my opinion (this will probably be a simple OLED panel at 60hz)Apple’s OLED roadmap lists the mini getting an OLED screen in 2027: https://www.macrumors.com/2024/02/21/apple-oled-roadmap/
So the mini 7 as rumored will be a minor spec bump, and the mini 8 in three years will get an OLED screen. (I’m assuming there won’t be any new mini in between.)
In any case, there are no signs of it being discontinued, rather the opposite.
I’ll likely stick with the mini 5 until the OLED version, since I dislike pretty much everything they changed for the mini 6.
Personally I'll stick to the mini 5 for as long as I can, since I only use it in bed, and anything else is done on the pros