Yes, and no.
I have a launch-day iPad, and it became less and less useful over the years as the apps stopped being supported by their developers.
The last version of Safari for the original iPad is unusable if you surf anywhere but HN. It might as well be Lynx.
This time last year, my iPad was down to just e-mail, notes, streaming video from my satellite box, PBS video, and a great app from Panic called Status Board.
Now it's down to just e-mail and notes, so it spends more time in the desk drawer than propped up on a tiny easel on top of the desk.
To some extent, RMS is right on this subject: When your devices rely on the cloud, it means you don't really own them, because any cloud-dependent functionality continues to exist at the pleasure of others.
FWIW I think developers should support old hardware as long as they can, but only the lastest operating system for each particular supported model.