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It’s less that the improvements are marginal (modern flagships are significantly more powerful than 4 years ago for example), it’s just that 90% of people have absolutely no use for most of that increased power. The most intensive thing most people do on their phone is watch media.
I know a lot of young men who, if they have money, just have to have those extra gigaflops and that 4k 90hz phone screen.
Then 95% of the time they browse the web and use it for twitter, etc… 🙄