If the Ultra model is anything less than the best, most forward thinking phone on the market then it will be a waste of money.
Apple currently like to call 'upgrades' like VRR and a 3x zoom 'Pro' but neglect to mention you can find these features on £200 Android devices. Thats not to say they are terrible devices, just not great value for money compared to top-end Android or even the iPhone 12 line.
On an Ultra model its not enough to just nail the basics (historically Apple's best feature) but to push the envelope. I want a new, smaller Pencil than magsafe charges on the side. I want full manual control on the camera. I want USB-C 3.1 transfer speeds and a Stage Manager desktop video output. I want a mobile version of Aperture. I want a 10x periscope lens.