In terms of refactoring there is no way to give a Cost Benefit analysis as that's too subjective. This should be a maintenance cost that's factored into the project at a high level. So you would say there a X days per year (normally about 20%) of the working days of the year spent on maintenance. Company I'm at has this and if you're doing this type of work then you have timecodes to book your time against.
That includes refactoring, re-architecture, tech debt, updating deps ...etc. PM's can't override this for their own project i.e. they have to allow for 20% off project activities in there Project Plan. Devs shouldn't spend more that 20% of their time doing these activities over the FY.
Example here would be in the UK we have something called a MOT which you have to legally get it's like a minimal maintenance you have to get on your car. Most people spend a little more though than the minimum.