The lifespan of different types of signalling varies enormously.
Mechanical signalling wears out through usage. Especially if moving parts are not lubricated often enough. Rust can also cause problems if a function is not frequently used.
Electrical signalling is often life limited by the insulation of the wiring and cables degrading. Typical 1970s and onwards lineside cables have a life span of between 15 and 30 years, depending on the ground conditions if buried. Cables in surface concrete troughing routes (if not in wet conditions) last a bit longer.
The internal wiring used in equipment has a lifespan of between 25 to 40 years. But it again does depend on conditions and the actual batch of wire. The insulation degradation rate increases with heat. In some areas in the past, light mineral oil was used to prevent corrosion of terminals, but we now know that the oil reacts with the insulation.
With a RRI (route relay interlocking) system that uses direct wire control, there are normally no electronic systems. Similarly with simpler systems such as mini panels / one control switch (OCS) or minimum electrical signalling (MES) installations.
However, if the signalling controls and indications have to travel any significant distance, then an electronic transmission system is used. These quickly become obsolete. Although many old obsolete systems continue working, and some can be maintained by using parts from recovered systems from elsewhere on the network. There are various systems in use, some dating back to the late 1960s.
If needed, an existing electronic transmission system can be replaced with a more modern system. Where I work, I’ve seen this happen three times due to different partial resignalling or life extension works.
A bigger problem, is where electronic systems are used to do more than one thing. Such bespoke systems make signalling modifications very difficult. Plus it’s not practical most of the time to replace them.
All these problems could be overcome by piecemeal renewals and life extension work. But in the very recent past, this had fallen out of favour, as Network Rail instead wanted large control centres (ROCs).
Money (or rather, the lack of it) will likely be the driver over the next five years or so. If there is no business case for resignalling, and no funding from elsewhere, then the existing signal boxes or existing PSBs are likely to continue to operate for some time yet.