Qualcomm will support the Snapdragon 8 Elite chip for eight years, which is security patches for eight years and also updates for eight versions of Android. This is the first time that support of this length has been provided by Qualcomm on their released chips. Previously, manufacturers could not provide support for longer updates because Qualcomm no longer provides support for older chips.
With today's announcement, it is highly likely that Android devices that will be launched in the coming months will also receive support for eight years of operating system updates. Currently only Samsung and Google provide update support for seven years only. Hopefully next year more Android device manufacturers will be able to provide updates for longer periods of time.