I didn’t say that it takes away all advantages. And I am definitely with you that overall it is a net positive for the consumer and there is a market.
But this limited update policy puts an unnecessary timer on the useful lifetime of the device. And while eventually it will need replacement, a repairable device like this has the expectation to last significantly longer than 3 years.
Say the phone would otherwise be good to use for 6 years with repairs like a battery swap. At that point it would have gone 2/3 of his lifetime without major software update and 1/2 without security updates.
Unless ofc it would be flashed with a different OS, but that goes against the ease of repairability it is going for.