Samsung has applied the Galaxy S24 series' software update policy to the Galaxy S24 FE. This is the cheapest Galaxy phone at the moment to receive software updates for seven years.
The Galaxy S24 FE ships with One UI 6.1.1 based on Android 14. So Android 21 will be the last official Android version that the product will be supported. The Galaxy S24 FE will also receive updates during that time.
Any Galaxy AI features that the Galaxy S24, Galaxy S24+, and Galaxy S24 Ultra receive over the course of seven years will also come to the Galaxy S24 FE. In comparison, the Galaxy S23 FE doesn't get such a good treatment, as it runs on a one-year-old processor when it was launched.
Meanwhile, the Galaxy S24 FE is equipped with the Exynos 2400e, which is just a downclocked version of the Exynos 2400. The difference isn't big enough to affect the performance of the Galaxy AI. Galaxy S24 FE supports all the Galaxy AI features that the Galaxy S24, Galaxy S24+, and Galaxy S24 Ultra have.