Indeed so: I do replace mine every year because each generation has a successively better camera, and I value being able to take better pictures with the device I have available [1] more than I value the incremental cost to me of selling the old one and buying a new one each year (and iPhones hold their value very well!)

By the requests of the luddites here, I should not be able to do better than a 5 year old camera to appease them.

[1]: I also have a DSLR for special occasions, but I do not carry that round with me generally...