Depends on what you define as a more valuable use of $1200.
For me, I work in the tech industry and keeping up on incremental updates with hardware and software makes a huge difference, especially when it comes to phones. I'll always be able to run a personal hotspot and work off my laptop a lot more efficiently with every new generation of phone that comes out.
But beyond trying to justify upgrading every year for work purposes, I do prefer a bigger phone (my iphone X is a larger display than my old 7plus but a much smaller form factor and oddly bummed me out a bit), plus with how much better resale value is of iPhones to androids, I can sell my phone for close to $100 less than I paid for it new.
So considering that it ends up being $100-200 or so to upgrade my phone every year (doing so buying my phone upfront, not signing those 2-year contracts), it's definitely worth it for me.