It has newest TLS stuff like TLS 1.3, it has HTTP2/HTTP3 and QUICK implemented. I do think those are meaningful updates, well http2 was 11 years ago but QUICK is more like 3 years ago with HTTP3.
I guess if they can do changes to SCHANNEL but not to IIS for TLS stuff that would be good engineering. But it also makes argument mute ... because if Apache and Nginx and Caddy get updates to support new TLS and IIS is not because it is separate, then a question who does it right?