A cooldown is a good idea, though.
Certainly, having a regular/automated update schedule may take less clock time in total (due to preserved knowledge etc.), and incur less long-term risk, than deferring updates until a giant, risky multi-version multi-dependency bump months or years down the road.
But if you have limited engineering resources (especially for a bootstrapped or cost-conscious company), or if the risks of outages now are much greater than the risks of outages later (say, once you're 5 years in and have much broader knowledge on your engineering team), then the calculus may very well shift towards freezing now, upgrading later.
And in a world where supply chain attacks will get far more subtle than Shai-Hulud, especially with AI-generated payloads that can evolve as worms spread to avoid detection, and may not require build-time scripting but defer their behavior to when called by your code - macro-level slowness isn't necessarily a bad thing.
(It should go without saying that if you choose to freeze things, you should subscribe to security notification services that can tell you when a security update does release for a core server-side library, particularly for things like SQL injection vulnerabilities, and that your team needs the discipline to prioritize these alerts.)
Also, it keeps you in touch with your deps so you can consider if it’s even worth it. My favorite update was removing the dep (or starting a plan to remove it because it was interfering with regular updates)
This is only true if you install dependencies that break backwards compatibility.
Personally, I avoid this as much as possible.