> So this works in theory until there is a really bad bug in some part of the code base and there is no one who knows how to fix it.
10 years of production usage tends to have hammered out all the "really bad bugs." Sure it's possible that something goes wrong, but it's also extremely unlikely that it does unless something in it changes. Which, if you freeze it & silo it off, doesn't really happen.
A huge amount of software not made in silicon valley operates exactly like this. It just sits there, running for decades, doing its thing.