A note at the Apple Developer webpage says advanced features in ARKit 3 will be limited to devices with A12 Bionic chips or better.
It allows developers to tap into the latest computer vision technologies to build detailed virtual content on top of real-world scenes for interactive gaming, immersive shopping experiences, industrial design and more. Apple says ARKit 3 “goes further than ever before, naturally showing AR content in front of or behind people using People Occlusion, tracking up to three faces at a time, supporting collaborative sessions, and more.”