Also, being able to fine-tweak app permissions is a huge plus for getting Android 6+ phone.
I've switched to Nexus 5x at the beginning of this month. Current price is around 250€, and I basically gained all the features of flagship models (fast charging, good camera, up to date software, security updates for a year from now etc).
But, up until that point, I refused to install apps that I would be scared of what would happen if they were compromised (so, nothing business-related) and apps that are asking me permissions that I don't want to allow them (as an example, no Facebook app what so ever).
Been that way ever since I became a smartphone user, which, because of my privacy fears and dissatisfaction with current market options didn't happen until like two years ago.
Regarding someone stealing your phone: I don't understand what this has to do with OS or hardware updates. You can put a PIN on your phone and encrypt it. Perfectly possible on older versions of Android.
Regarding fine-tweaking app permissions: Privacy Guard and XPrivacy do the same thing. Why necessarily update the OS? And in any case, why constantly keep updating the OS past Android 6 where this feature was introduced?