Fedora rolls the kernel. I'm on Fedora 33 (a full release behind), and yet I still have kernel 5.12.15, the exact same as Arch currently has. I don't have any custom repos configured.
On rare occasions Fedora even gets new kernels faster than Arch, but usually it's less than a week behind.
>2. Steam does not want to do a full Fedora 30 to 31 upgrade every six months. They want to roll. It's a better model, especially when kernel/drivers are improving gaming quickly.
Fedora gets constant Mesa updates as well, it's not pinned. Admittedly it's 2 months behind Arch (21.0 vs 21.1)