Not an easy way to do it by making an image of the phone or anything.

In theory, there are android emulators and you could "re-create" the phone by transferring the data, install the apps, etc etc into the emulated android instance. You may run into issues locating the phone's exact android ROM, or potentially any install apks of apps that exist on the phone. Especially any carrier or ROM specific apks.

Honestly though, that's a lot of effort to maintain a user experience and if you're wanting to retain the personal data on the phone there are easier ways of getting it off and archiving it. My standard backup practice with old phones is to pull all the personal data off (images, backup texts, etc etc), reset the phone, and then store it somewhere safe. Functionally a memento paperweight I can turn on from time to time and scroll around in, but no practical use. I still have a HTC Desire HD from 2010 I turn on from time to time.

Long term as the device goes though, it won't remain fully functional forever. Eventually with enough time, the networks that the device operate on will theoretically not be in operation (e.g. 20+ years from now) so maintaining phone service will inevitably be impossible. Additionally, the device will eventually stop receiving updates, along with the apps and they will stop working as they become unsupported. You won't be able to install new apps without the newest versions of android, etc. (e.g. 3-5+ years from now depending on how old the device already is)