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What are some things you can/should cheap out on?
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Smartphones. Most people don't need to buy the latest and greatest iPhone every year.
Yes and no. For apple you can use their phones for quite a long time securely. For Android that is a very different story. As far as I know only Google with their new pixel phones and Samsung have offered more than 2 years of updates. After that time your phone becomes a security risk. So make sure your devices receives updates or can be used with a custom ROM (though that can be insecure as well).
It's 2 years of FEATURE updates, usually longer for security.
Sometimes. It depends on the manufacturer. Some do more some don't promise anything. You have to know what you have. Also the support time starts usually at the start of sale not at the time of purchase. That means if you buy a new phone that was released a year ago on clearance or something you might have only half the time.