There is a huge satisfaction, or maybe even a need, to do something then feel the patent and "finished" result of our action.

In most occupations we are a cog in some huge machine working in a way forbidding us to enjoy this feeling.

It is not always possible, but as a senior software developer, I try to keep the feeling of 'finished' in my team. It is, by far, the most important piece in keeping a team happy, productive, cooperating and improving.

Definition of done, demo's, releaseparties, well-defined delivery requirements, chopping up tasks, user stories, etc. All help a lot here. But all require effort to maintain, establish and improve. Continously and significant effort.

So I've actually never cared much for release parties. I think because by that point the work is 'done', and I'm ready to move on. Plus, if upper management is involved, it feels very parasitical ("let me attach myself to this launch"), and if they aren't it feels unnecessary (we know we did a good job). And the timing is always problematic; if it's literally as we release it feels disingenuous just knowing that if anything goes wrong the team has to step away from any sort of party (but not upper management, or others who glommed on), and if it's after the fact I've mentally moved on.

That said, all the other things are must haves, not just because of morale but because of effectiveness. Things don't get done without definitions of done, things don't get proper feedback and iteration without demos, etc.

From your story, you seem to have very different "release parties" than what I have encountered.

The ones I'm talking about are ranging from "buy some nice beers and munchies and drink one in the office" to "hire a boat, bring a radio" to "have dinner together". Basically a friendly, shoulderpatting event amongst peers.

*Edit: obviously all pre-covid lockdowns and work-from-home.

So that just sounds like a team event, which I try to do once a month just to help keep the team connected.

I think the difference is internal vs external release then. Our internal releases were generally "nice job" and the like, as we completed sprints. It was still a clear recognition of something being completed. The actual external facing launch that the company cared about, the 'go live', was more what I was referring to, and which never really meant much, to me at least.

The curse is that upper management perceives this effort but doesn't perceive its effect. Even from the common fundamental perspective (the enterprise has to optimize, to dissipate as few resources as possible in order to reach the more financially beneficial and durable state) this effort is justified, however as they don't know its real impact...

True. Though, if that management is measuring the right things, they will perceive it. But "the right things" is very broad and hard to define; and probably dynamic over the years event.