This so-called "Feature Boost" will literally help upgrade a billion phones; a phenomenal announcement from Google, with which Pixel phones will be massively upgraded, such that the older Pixel models are also upgraded to new AI features.
The gist of this announcement is that the AI tools and super features, which have so far been reserved for the newest or flagship devices, will now slowly be provided to the older pixels that previously only had the last Pixel devices reserved for such things.

What features will you get?
Pixel Studio: Available to Pixel phones, AI photo editing and creative tools. An animate image option is now added: turning still images into animations with the help of AI.
Old phones still get a chance to use this app, which they had forever been barred from using.
Other AI functions exclusive to Pixel will now be made available gradually from probably only from the new Pixel series.
Why did Google do it?
Because long-term improvement must come to a user experience that makes improvement possible, not only through buying a new phone. More such updates will come in the future, so older Pixel users will not be denied the chance to enjoy AI technology updates along with the rest of the Pixels.
"In strategic terms, this is a concept according to which flagship features will gradually reach other older/midrange devices," said the source. Therefore, consumers unwilling and unable to buy new phones will also be able to enjoy cutting-edge AI benefits.
Who stands to benefit?
All users of old Google Pixel phones (older versions such as Pixel 6, 7, 8, etc.) will benefit.
In other words, those who are yet to buy new phones but are craving AI-based features like photo editing, animation using APIs, and other AI tools will find this beneficial.
Those who are looking to upgrade their Pixel phone at a minimal cost.

Conclusion
Google's declaration-a kind of gift to the old Pixel phone users-is not worth buying a new phone at the moment, but you will still enjoy a 'new' feel with its old Pixel. It is all coming through-AI-based image creation, editing, and animation.
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