I've been running this set up for about a year [1] and it's working well. Having a single code base was a requirement before I made the project fair source [2]; the fair source ELv2 license lets me add feature gates to facilitate this, while protecting me from forks giving away EE features for free (while still allowing forks).
Updates are pushed to the SaaS offering daily. I cut self-hosted releases bi-annually unless it's for a critical fix.
[0]: https://github.com/keygen-sh/keygen-api
[1]: https://keygen.sh/blog/all-your-licensing-are-belong-to-you/
[2]: http://fair.io/