If all you care about is texting, making calls, playing the occasional game[1], browsing the web, doing mobile banking, listening to music, watching videos, using social media, responding to work emails, viewing the occasional PDF, word processed document or spreadsheet sent over email, screencasting to a TV, using the device as a mobile hotspot, testing software you write for phones ... and a few more less frequent things (Like using employers paging app, employers internal systems) ... then you don't get any additional value spending more than $400 on a phone.
Don't ask me what you can do with a phone that costs more, because I haven't yet seen anyone do something on their phone that my <$400 phone cannot do.
[1] Wordle, for example, is insanely popular right now.