I am aware of them updating fonts that they commissioned. But I know of multiple cases where Google Fonts has been serving versions of fonts that are five or more years out of date, sometimes even broken by Google Fonts. Crimson Text I can kinda understand them not fixing completely, because fixing it would have changed character positioning (thus breaking people’s careful alignment to work around the Google-Fonts-introduced bugs). But there have been other cases where that didn’t apply: metrics were the same, but they just wouldn’t update the font. Might have been PT Serif? Lato? I can’t remember, it’s years since I last cared about Google Fonts.
In short: updating the fonts is not all it’s cracked up to be; Google mostly just doesn’t, and half the time you actually wouldn’t want the font updates anyway—depends on the nature of the update.
Some of my favorite fonts have regular releases. As with most art, software enables a more regular release cadence than past such systems. (Such as the days when font foundry was literal and fonts were published to metal and distributed in giant physical cases.)