No. But it probably has known unpatched vulnerabilities, and you're putting yourself and people around you in danger of a security hack.
It's unfortunate that I can't get security patches. I'm not willing to update to iOS 76 to get the fixes because I don't want to run code that is tested on an A12 on my 5 year old phone, and I don't want to buy a new phone because this one works fine and isn't larger than my hands.
Samsung could trivially provide security updates on old version as Google does most of the heavy-lifting so they have no excuse for recommending upgrades on older, slower phones. Apple doesn't presently have a mechanism for this on iOS, to my knowledge.
Only if they use online services that are taken down; not all apps are like this. Even if they are, it is still a better scenario than throwing the entire phone away because it's unusably slow or unsafe to use due to lack of security fixes.
I don't see how planned obsolescence via missing bells and whistles present in new phones is any worse than planned obsolescence via all functionality getting slower.
Written on my iPhone 5S (2013) running iOS 8 (2014) - it is still a phone and is just as fast as it was in 2014. Is that planned obsolescence?