There will be one difference though, and it's the presence of a Touch ID button on the iPhone SE 4. It seems that Apple is planning on keeping this and not moving to an all-screen design for the next-gen iPhone SE. But, we might see two more upgrades for the iPhone SE 4, the USB-C port and the Action Button; both debuted on the iPhone 15 Pro models. The Action Button can be customised for different tasks, and we're expecting to see on all new iPhones going forward.
The iPhone SE 4 is also said to be lighter than the iPhone 14 by around six grams. For context, the iPhone SE 4 weighs 172 g but the SE model will weigh 165 g. The change in weight is said to be due to a single rear camera on the iPhone SE 4 as opposed to the dual-camera setup on the iPhone 14.
The single rear camera on the iPhone SE 4 will reportedly be a 48MP sensor. This might just be the 48MP camera that's on the iPhone 14 Pro series. In addition to a similar design, the iPhone SE 4 is also expected to come in a black colour similar to the Midnight variant for the iPhone 14. We will most likely see more colour options for the iPhone SE 4.