Only some of them. As far as I remember they released a better camera for the fair phone 4 at some point, but its not like you can upgrade the chipset or the memory at the moment.

Yeah, sadly true, no 3.5mm jack on the fairphone 5.

Well that is indeed the trade off. The IoT chipset does get long support, but it is not up on par with specialized phone chipsets. If you are looking for a powerful phone with a snappy experience, my impression is, the fairphone would probably not life up to that. It is a phone for people looking for repairability as the main feature.

Fairphone ist your answer. It got a maximum score from iFixit and you can order and replace all components easily. They also promise support until 2031, even picked an IoT Chipset for longer support.