It won’t feel magical to most people, but if you wait 2-3 cycles, enough upgrades accumulate that it becomes worthwhile (especially storage), and the longer useable lifespan helps defray the cost of a more expensive model (pro or more storage).

It’s the pattern of tech maturity we’ve seen in mainframes, desktops, laptops and handhelds since forever: rapid yearly advances at first as the market gets established and then longer periods of slower advancement as the market matures, often punctuated by actual disruptive innovation such as independent Graphics cards until the new technology also matures and the cycle continues.