The updates for ios 12 are all security updates, not feature updates, so your comparison to "connect to the internet using ADSL in Jan 2000 with your IBM PS/2 rocking in intel 8086" doesn't really make sense. The phones stuck on ios 15 are basically unusable because many apps don't support it anymore. At best you can download an older version from a few years ago, but that depends on whether the backend servers were updated. Apps that insist you use the latest version (eg. banking/finance apps) basically unusable.
(I never had a PS/2, or ADSL, but I was goofing around with a low-memory 8088 box back then for fun. It had no hard drive. It bootstrapped from floppy, loaded the rest over the LAN with its built-in 10base2 Ethernet jack from my Linux box, and connected to dual-channel ISDN for Internet access. It worked. It even had a graphical web browser.
Being clever with an old iPhone is a very different thing.)
BTW: DOS was supported until 2001, and Win95 could boot DOS standalone.
Nowadays they are doubling in performance every... 5 years?