To get a real answer, you'd need look at the security patches that you're missing out on. Here's a brief write-up of the July Android security patches: https://www.bleepingcomputer.com/news/security/android-july-security-updates-fix-three-actively-exploited-bugs/
So this month, you'd be missing out on some pretty severe fixes if you are running a phone with a Mali GPU (which includes many phones with chips made by Mediatek, Samsung, and Google) if your phone is not receiving timely security updates. I'm not aware of any vendors besides Google who commit to monthly security patches (please let me know if there are any), so this is a problem even on actively-supported models.
There's also a patch for a bug in a graphics library. While that was previously patched in Chrome, other apps using the system implementation would still be vulnerable.
Historically, I recall some very severe bugs that had no real defense except "pray that nobody targets me". For example, I ditched my Galaxy S7 specifically because Samsung went months and months without integrating Google's security patch for Blueborne, which made it possible for anyone in your general vicinity to potentially gain full control of your device. I was not comfortable giving up Bluetooth entirely, and not comfortable leaving my device wide open to attack.