Is dictation more accurate on newer iPhones?

Dictation accuracy over the past few years has been abominable for a great many people. iOS 17 seems to have slightly improved it on my XS, but it's still so inaccurate that correcting its mistakes takes more time than typing it all out myself. Does the dictation model use the more capable machine learning accelerators on newer iPhones to improve accuracy? I'm wondering if a newer phone would help.