Short answer, no.
Exchanging your phone for the latest model is called upgrading. You upgrade to a new phone. So you could say:
However, upgrading to the new iphone every year made me exhausted.
Your first sentence also isn't quite right. It's missing an article, and 'year' should be singular.
iphone keeps releasing a new version every year.
However, since the company that releases the iPhone is Apple, I would phrase it slightly differently. Here's how I would write it:
Apple keeps releasing a new version of the iPhone every year. In order
to be cool, I want to use the latest version. However, upgrading to
the new iPhone every year made me exhausted.
The use of the past tense in the last sentence implies that you no longer upgrade every year. If you still do, then change it to 'makes me exhausted'.