I'm thinking about third party dependencies here (eg via package managers). In my opinion it's best practice to stick with one certain stable version and then stop updating it - to avoid wasting time on possible needed refactoring due to changed dependency behaviour. Monitoring the change log of the dependencies to see if security issues are fixed and reacting on that is of course still reasonable. Yet upgrading just because " upgrade as often as possible" is not.
Maybe it's different for projects lasting 10years or more, maybe there are other rules to make. My experience is with 2.5yr-projects in average.
Maybe I'm working with dependencies which get updated every week or so, maybe the author's dependencies are updated every half-a-year.