On one hand, having annual release cycles encourages innovation to happen much faster. Sadly, it might also introduce bugs. Having product cycles as 2 years is probably reasonable, but might slow innovation a bit.
I don’t think much innovation happens year to year. At the beginning of iPhone development every other year Apple was releasing an S model of the previous year, which was just improved specs, but no new features. At this point the smartphone has stagnated, with small edge case features being introduced each year.