Well, Lora works just because it's a low rank approximation of full updates - much in the same way that SVD works, and regular gradient updating works. It delivers good results by both acting as a regularizer and by allowing larger models to be updated with smaller memory footprints.

My point is that the original Lora paper choosing the last layer is one choice. And it is likely the most common one because of its higher symbolic nature typically being all that's needed for good performance on downstream tasks.

Depending on the size of your finetuning job I've personally seen updating more layers (or updating some only on a certain learning rate schedule) to be more effective. Lora is just the mathematical technique of updating, it doesn't really have a hypothesis on the ideal training regimen.