I think the SE is just going to be exactly what it is until it becomes more expensive to manufacture the older iPhone 8 parts than it does to sell them.
Every year there’s a new rumor that a new SE in the style of the iPhone 11 is coming, and it never happens. I’ll believe it when I see it, but I fully expect this SE to last for a few years now that it has 5G with the next one being another bare minimum parity update like the SE3 was.
Not that I care that much, as I’m not that kind of customer, but I wish Apple would actually take the time to make a lower-cost iPhone that’s designed from the ground up like the 6a or Galaxy A series, instead of being last decade’s flagship but with this decade’s chip and nothing else.