What sort of nonsense is it to call the mini a budget option? Have you seen the price tag? It's perfectly normal for the price to go up as screen size goes up within the same line. It was the same with Xperias. The Compacts were the cheapest. It's also normal for the smaller versions to give up something. For one, there is physically less space. Which also typically means a smaller galvanic cell, so less power and less energy available. And they're cheaper; I expect the reduction in price to be relatively larger than the reduction in production cost. So, there is pressure to save some money to improve margin.
I don't know about you, but I wasn't expecting the mini to be released at a higher price point than iPhone 11 was. Even accounting for 5G. Of course, it didn't really surprise me. Given how expensive Android phones have become, pushing the standard iPhone towards the cheap end of the high-end, my gut feared that Apple might hike prices. And they did. They did it with iPad Air as well. Of course, the relative lack of interest in the mini might suggest to them that it might be safe to re-purpose it as SE3 relatively soon without it cannibalizing the bigger iPhone (still, I would expect at least two year life cycle for the SE2, unless they're not satisfied with the volume). The performance doesn't really surprise me. I feared this would happen. Feared because I love small phones. But I realize I'm in a minority. I was prepared for the 12 mini to be a one off, not to be repeated.