I think if you update often enough (at least when some vulnerabilities found), you're more safe than if you don't.
This is a tradeoff. Do I accept the developer demanding access they do not truly need, or do I accept the risk of a hacker gaining access to my phone through the developer's application?
If a hacker gains access to my phone through the developer's application, what do they gain access to? At the maximum (hopefully! unless they springboard to another hack and pwn your whole phone or other applications) they have what the application has access to.
Attack surface management is a lot more complex than just "always stay on the most latest shitware that the developer can shove down your throat"