"Five years is excessive."
Really? I don't think it's excessive. All items bought in the EU are covered by a default two year warranty buut consumer law includes free parts and labour repairs (or is it just free parts?) for, in some cases, many years after that warranty expires. I think the term they use is "reasonable life" or something similar. The Uk Govt. has a website somewhere with a non-exhaustive list of examples, eg a TV or a fridge should offer at least five years of life, the manufacturer being responsible for repairs or a pro-rata refund if it's not repairable.
I'd certainly expect a phone to still be usable after five years without it being "unsafe" to use and for for fixes to the OS to be available.