With 5 years of OS support and 8 years of security update.
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That may be true but how are they guaranteeing this on a component level? As far as I know, they use off the shelf stuff so they only have assembly wages. And that doesn’t justify the price imo.
You can take a look at their impact reports they release every year: https://www.fairphone.com/wp-content/uploads/2023/05/Fairphone-Impact-Report-2022.pdf
They keep close track of materials used and wage paid for all their suppliers. They also pay wage bonuses to the workers at some of their suppliers (page 41).