The discussion is about the difference between updates when there's a valid reason and updates that are imposed by cloud providers, nobody advocates sticking with old software versions.
In my experience that's what any policy that doesn't include staying up to date actually boils down to in practice. Auditing old versions is never going to be a priority for anyone, and any reason not to upgrade today is an even better reason not to upgrade tomorrow, so "understanding and mitigation" tends to actually become "leave it alone and hope it doesn't break".
You think about these things in layers. If X, then Y, and if Y, then Z, and if X, Y, and Z do we just accept that some problems are more expensive than they're worth or get some kind of insurance?
Keeping stuff up to date is exactly the kind of "simple thing" that no amount of sophistry will replace; in practice it has a better cost/benefit ratio than any amount of "thinking holistically". Those who only their things up to date and do nothing else may be foolish, but those who don't keep their things up to date are even more foolish.
I don't believe it. Most security issues are not just an implementation issue in the framework but an API that is fundamentally insecure and cannot be used safely. Most likely those developers' programs are rife with security issues that will never be fixed.