After 4 years, you will definitely notice a change in your iPhone’s battery and health. Apple suggests you replace the battery at 80%, which you are likely overdue for. Your iPhone is expected to hit 80% after around 2 years, under average use. So if your iPhone has made it to 4, that is impressive.
Now it’s up to you to decide whether you want to upgrade or not. If you replace the battery in your iPhone, you’ll make it run like new another 2 years or up. But if there are new features and hardware in the newer iPhones that appeal to you, you can go with that option too as lobsterghost1 stated.
You can compare iPhone models here and decide: iPhone - Compare Models - Apple