To expand on this, most vulnerabilities that require the vendor to actually participate by providing security updates are specific to your hardware configuration. These kinds of vulnerabilities are less attractive to most attackers because of their specificity. Attackers would much prefer to have a vulnerability that applies to many different victims, not just a specific kind. Android has gone to great lengths to update these commonly targeted components regardless of your vendor support status. Unless you believe you would be specifically targeted, the risk is fairly low.

I'm not sure it's fair to put iPhone down. They do take security very seriously, especially physical security with their formally verified bootloader. Not seeking a flame war. I just didn't think it was accurate. Are we so sure they don't have individuals focused on iPhone security at Apple? Compromised devices impact their brand image while the same bugs can be used for jailbreaking. I'm sure it's very important. I interviewed with a team up there that I believe specialized in just that. Just recently Apple implemented an emergency security patching system for their devices to get security updates out even faster.

Full disclaimer: I use both devices for software development. I have no special preference.