Of course, but hardly any super important ones. The S23 for example is smaller than the iPhone 15, was the same price on release (came out Feb 2023) and has features beating the iPhone 15 Pro Max, a much bigger and more recent device. Most features/hardware on the bigger phones exist in smaller phones, most of the extra space on larger phones is usually just taken up by a larger battery anyway. They can go watch some teardowns, look into all the software locked features like with the recent Pixel 8 phones, the only reason? To upsell to the more expensive models.

But yes, obviously some features are a lot harder to fit in a smaller space, but I thought that was the obvious asterisk to my comment. Perhaps they should spend some R&D on figuring that out though, rather than rehashing the same devices year after year which is just leading to e-waste.