The era of getting a new phone every year is over - even the 2-year upgrade cycle is becoming less common. These days even entry-level phones can last several years.
Let that sink in - a €250 phone will get longer support than most flagships. This includes recent Samsung phones (e.g. the S23 series is only getting 5 years of support) and recent Pixels.
Samsung equips the Galaxy A16 5G with either a Dimensity 6300 or an Exynos 1330. The 1330 we've seen before in the Galaxy A14 5G, for example.
Another change this year - no 4G model. At least not yet, but the A15 and A15 5G launched at the same time, so there's no reason for the delay.
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