That is one viable business strategy but another is to start from the bottom. Samsung started like that....
Yes, its a great achievement, the problem is if your 2 generation behind and your being sanction, your tech product especially in the high end will be uneconomical. Its a good marketing ploy to introduce your flagship product with all the bell and whistle money can buy, it permeates down your product line and it boost your brand image, That what Huawei had done. like I said before being a generation behind is the target now just to stay in the game. Samsung is behind TSMC especially in 5nm , at least she can use its 7nm tech for its high end spec phone, Huawei doesn't have that luxury.
For this you need as low costs as possible and razor thin margins. Huawei has enough scale it could have had its own fabs. I think they shot themselves in the foot by believing in market capitalism way too much.
I wouldn't mind purchasing a phone with a processor two generations back if it came with an headphone jack and its own power supply.