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3-4 releases a year sounds like there might be a solid QA cycle involved. e.g. I used to work on a webapp for flight planning: how much fuel should go in the plane's tanks, etc. It's not the sort of application that should be live-updated by the developers every 2 weeks. Maybe the mentor here has a clear view of the product lifecycles appropriate for this organization.

I don't think we have enough information to decide who's right in any of the OP's situations.

3-4 releases per year should be a red flag, but unfortunately it's atually pretty common in enterprise environments. Hopefully they are shipping code much more frequently, and packaging it up and calling it a "release" every 3-4 months.

Odd, I've been making releases of my product at least twice a month for the last year, and it's been increasing steadily lately too. I always thought it was a good thing?

It might be a good thing or bad thing depending on the expectations of your users.

What's the red flag?

Don't confuse "release" with "build". That's one every ~3-4 months. Why would that be a red flag?