You might be surprised to hear that it isn't. Granted, it's not going to be 50% off or bundled into some too-good-to-be-true deal, but if you do your research, you can get a decent discount.
The iPhone XS and XR came out last month, and with most new releases, you aren't going to find too many discounts on them just yet. The older models, such as the iPhone 8 or 8 Plus, are where you'll find the deals. If you're pumped for a phone that is new to you but not necessarily brand new to the market, you can save big during two of the biggest shopping days of the year.