Since everyone here has the big brain idea of telling you you're dumb for not just buying a phone every couple years (completely missing the point of what you were asking), I'll take a minute to actually answer your question.

Yes. Annual refreshes are way too frequent for technology this mature. Slowing it to every other year instead (maybe software releases on odd years, hardware on even?) would dramatically reduce costs and improve stability. Changes would have time to be thoroughly rested and implemented, and they'd get more use out of the same design (including components, molds, tooling, etc.). It would actually be better for manufacturers too, in that it would be more efficient (they'd make slightly less money, but with significantly less work and investment), but they would never do it. Manufacturers don't succeed by being good at what they do, they succeed by manipulating the meta. Regular releases keep your brand on people's minds. Timing your announcements and making a big deal about it makes a huge difference (everyone wants to be the hot thing in Q4 so people buy them for Christmas), and brands don't want to miss an opportunity.

The annual cycle is a marketing tactic. And it honestly works, so I think it's probably here to stay.