So they support it even a bit longer than google officially does.
If a critical vulnerability is found in a Qualcomm modem, wifi, or bluetooth firmware, there may be scenarios where this cannot be fixed at the OS level.
Android doesn't have a separate vendor security patch level. It has a single security patch level covering all of the Android security bulletin and OEM security bulletin patches. Most alternate operating systems set an inaccurate Android security patch level where they redefine it to mean AOSP patches. They added a separate Vendor security patch level to put the real patch level. The whole thing is strange because the whole point is having a simple overall patch level and being honest about it. The standard Android security patch level only includes Critical/High severity vulnerabilities now, not Moderate/Low severity, and it doesn't include a lot of things that are deemed optional or out-of-scope. Can see this by looking at the Pixel bulletins where there are tons of patches that are clearly generic AOSP patches for all devices and patches tied to components like the Exynos radio clearly used by other devices. Android Security Bulletin (ASB) and the patch level derived from it does cover a LOT of drivers/firmware, but far from all or even most.
The missing patches for end-of-life devices include a lot more than outdated firmware in practice since drivers stop being updated and maintenance doesn't get taken over by others. The kernel drivers are open source but it doesn't mean someone takes over maintaining them. It's often mistaken as having all patches to open source code and missing patches to proprietary code but that's not accurate since updating AOSP is not updating all open source code. Lots of device specific code including even large parts of firmware is open source. As an example, Pixels use Trusty OS for the TEE and secure core, littlekernel for the boot chain firmware, etc. Security patches to those open source projects are security patches requiring new signed firmware updates to be released despite being open source patches.
I do wonder what I am seeing on Lineage with an older device, where the OS security is current, but the vendor security is long out of date.