Companies cling to 40 year old COBOL because there's nothing stable enough to migrate to.
There's also a lot more to consider than just how long an LTS lasts, like the degree of backwards compatibility and the rest of the ecosystem. It was my understanding that project jigsaw broke a lot of that, but I'm outside the java world so i didn't really keep up. .net for instance was great until recently because they had decent support lifetimes and kept backwards compatibility, so updating to the latest was at least simple and painless. Even trying to do those upgrades was like pulling teeth inside corporate environments though.
Ubuntu cuts an LTS release every 2 years, but they support them for 5 years.
It appears Oracle supports Java LTS releases for 8 years.
2 years is a reasonable time to expect that the user will move on to the next LTS browser version. 2 years is not a lot of time to release a game without having to upgrade the engine mid-project.
Oracle just extended it due to Java 9 being our Python 3, which is kind of pointless because all the packages that matter have migrated already.
But enterprise being enterprise, there are plenty of projects only now migrating to 8, and then there is that little robot that isn't even fully compliant with 8.
And here's an official Oracle doc regarding Java support where they show Java 11 (LTS) being supported until either late 2023 or late 2026 depending on your support level. I'm not sure they provide free support anymore, or maybe that's limited and what you're referring to?
1: https://en.wikipedia.org/wiki/Java_version_history
2: https://www.oracle.com/java/technologies/java-se-support-roa...
Java has several commercial and free implementations, so every Java vendor is free to choose their own timelines, I was only talking about the free layer of OpenJDK/Oracle, as that is what many around here understand as Java.