I think there is still an expectation to stay up to date on technology, even if you do have a long tenure at a single place. You will very likely work on multiple projects over a 4 year period, let alone 10 years, and requirements will change from one project to another. Plus, if you don't know about new technology, you will likely spend a lot of time trying to develop something that has already been solved.

Staying up to date (at least aware, if not proficient) should always be a job requirement, whether you are a new grad or industry veteran.