It uses a S10 chip, and it offloads to your Apple Intelligence-capable phone for inference. (There's a tiny "requires Apple Intelligence-capable iPhone" footnote somewhere) Basically the same way the Apple Watch has Apple Intelligence.
Honestly, just the new radios are a reason to upgrade. The S5 regularly cuts out and I have HomePod minis well within range going "no connection" for no reason.
Honestly, just the new radios are a reason to upgrade. The S5 regularly cuts out and I have HomePod minis well within range going "no connection" for no reason.