I've had this happen and I've been with my husband when he's had it happen, it's a pretty weird feeling, but I rather enjoyed it. It felt cool, like being in science fiction something or other.
I mean I was happy for my brain and body to feel reconnected, but I didn't mind the experience while it lasted.
Same, I've easily had phones last for 4-5 years. My husband and I both keep them til there's something annoying enough to warrant an upgrade, be that lacking capabilities or wear-and-tear damage.
The kid then gets the option to upgrade her current hand-me-down phone with whatever we just replaced. I replaced this phone a year or two ago, I don't expect to replace it for quite a while.
Absolutely no reason to upgrade a phone every year. I highly recommend getting the phone protected with a good case and possibly a screen protector to anyone who doesn't do this already.