In 99.9% of cases you will receive exactly the same device (this is only if your device is not repairable). I have a friend who destroyed his iPhone X and they upgraded him to a XS because they didn't have any iPhone X in stock for at least a month. But this very, very rarely happens.
this post was submitted on 24 Nov 2023
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Trade-in has nothing to do with Applecare+. AC+ is an extended and expanded warranty service, trade-in is getting value for your old phone to put towards a new one - which model is up to you and you pay the difference.
If you have a better condition phone due to recent replacement, you might get a better trade in value but probably equals out with deductible.