Seconded. Coming from MySQL this is a huge regression that makes Postgres look like something from the 80s. I still wonder why this isn't seen as the absolutely highest priority.
For both MySQL and PostgreSQL you will need to use some kind of logical upgrades if you want no downtime.
(For example, ports under FreeBSD doesn’t let you install multiple Postgres versions as they are marked as conflicting packages so installing one necessarily uninstalls the other. The saving grace here is that most (virtually all) FreeBSD installations have root on ZFS and you can employ ZFS snapshots (via the hidden .zfs folder) to access the old binaries after upgrading to the new postgres version, but not many people know this trick!)