I set things up in a way that makes a fresh install (rather than an update) pretty painless anyway. I always have a dedicated /home partition, which stays untouched by any update or reinstall, so all app settings are just carried through. Before I moved to a more space-limited SSD for the OS partition, I had multiple OS partitions available, so I could leave the old OS intact on one, but I pretty much never booted the old one, so an image in a file does the job just as well. I document all my setup steps in a text file and follow that, updating it as I go, for the setup of the next fresh install.
I wouldn't recommend going 5 years between updates, for security reasons, but every two years between LTS releases would be fine. You could look into distrobox for running more up-to-date apps - I've done that a bit.
Most of them, these days.
> What do I do with an old Centos 7 system?
Compare apples to oranges, since CentOS was discontinued, and then move forward anyways because https://almalinux.org/elevate/ has you covered.