I can’t see Apple stopping the “will they, won’t they?” since it probably drives sales or doesn’t set expectations ahead of time but I’m convinced (although I could absolutely be wrong) that the 2020 SE’s launch kneecapped demand for the 12 mini since it came out months earlier with no sign of any mini phone on the horizon. Since my 8 met with a horrible fate at the time I bought a 13 mini, looks like we might be here a while.
They’re just joking about what the future of iPhone could be if Apple reaches “Peak Camera” since that’s been a big ticket upgrade in pretty much each one, even slower years