Apple's update to the iPhone SE adds a new design and Apple Intelligence, as well as a new name: iPhone 16e.
The Home Button became the designated home for Apple's first biometric security feature, Touch ID, in 2013 with the introduction of the iPhone 5s.
Apple didn't simply change the expected iPhone SE 4 name to iPhone 16e — they're distinct product lines and all the data points to a strategy shift.
The iPhone SE 3 was the last of Apple's products to feature the Home Button.
Unfortunately, Apple has stopped selling the iPhone SE, officially marking the death of the Home Button.