StandBy hasn't been lost because the iPhone 16e doesn't have MagSafe. StandBy without the always-on display is pointless. The magic of StandBy comes from the combination of MagSafe and always-on, and the 16e has neither.
As an iphone 12 user, the clumsy, giant form factor of the 16e combined with lack of magsafe makes the 16e extremely uncompelling. It's not even cheap. Zero chance this is my next smartphone.