The Trezor One and Ledger nano S were released in 2014 and 2016, respectively, and continue to receive updates to this day.
Regarding Ledger Nano S, it continues to receive some updates but not all. The crypto apps are the same for all three Ledger devices. So, when an app gets updated, users of all three models can update it on their end. The only thing the developers need to pay attention to is the limited memory on the old Nano S.
The firmware is a different question, though. The latest version of the Nano S firmware came out in late 2021. No updates since then.
At the same time, the Nano X's latest firmware version was released in July 2023.
The Nano S Plus' newest firmware dates back to February 2023.
Based on this, it's clear that the Nano S doesn't have priority for the Ledger team.
I don't think there is any open source secure elements yet, so that means that all hardware wallets have weak spot here.
Me neither, but at the same time we have Foundation Passport that claims that all its software
and hardware is open-source.