Considering phones need to be secured due to financial things like Apple Pay, it’s either going to have the full Face ID or a home button with Touch ID.
All these false modesty of what the SE could be with Face ID, the notch, and OLED display, etc. None of that’s going to happen. If the iPhone SE is updated, it’s likely going to be a minor refresh, with a physical home button, perhaps an updated resolution, camera upgrades etc. The SE was _never_ meant to be the pinnacle of what the other iPhone X models are currently. This phone was meant to be an entry-level phone to be an affordable device, with a 4 inch form factor and a global phone for countries where smart phones are exorbitant in price. That’s it.