iPhone XR was released in 2018, and I'm guessing will still get some security updates?

I've found my old iPhones hold up remarkably well over time, even beyond official end of support (still getting security updates).

I’m still working on my iPhone X with iOS 16. Works great except for one banking app which apparently needs the latest version. Apple continues to update with security updates.

If you do decide to recycle, make sure to wipe the phone’s data. E-waste can be a dark/shady business with a lot of the electronics shipped to China.