I got no problem with the requirement since all my phones already on Android 10 and above.

My last phone Android 8 was the Moto Z2 and already retired last year due to battery bloat. Ain't gonna spend money to replace the battery. Another is the Galaxy Note FE. Still working but I use it exclusively for Chromecast.

For banking, I used the OnePlus 7 Pro which already updated to Android 12. Will use it for many years to come.

Next phone I'm eyeing will be the Nothing Phone 1. Still no used one in the market.

Reinstall apps on the new phone is no biggie. Android allows migration from one phone to another easily. Only need to reauthorize back. So, unless u don't keep your passwords offline like I do, it is time to do it.

When I migrated from OnePlus 5 to OnePlus 7 Pro, it took me 2 hours to migrate all the apps over and another 30 mins to reauthorize all the banking and wallet apps back. Both phones were of 256GB variety and already 60% full.