Nobody cares, of course, but it causes pointless conversations and wasted time with auditors.
(FIPS is very bad).
Re: FIPS, agree that it is fractally bad [Fully realise I am preaching to choir].
The funny/sad part is that there are financial incentives to be able to say "yes" to customers inquiring about "FIPS compliance" which perpetuates the sham. Service providers (e.g. Amazon, Azure) then necessarily apply "compliance lawyering" (selective interpretation and omission) to give themselves a tick in the box. They can get away with this because their customers are also only pretending to care.
All this serves to create a false impression that "FIPS compliance" might be a real property of nontrivial systems rather than a form of expensive signalling.
I had a longer rant about that here: https://news.ycombinator.com/item?id=15215756
So the answer to any particular bug is typically wait until next year's version which includes all bug fixes that the normal releases have built up over the past year, or re-evaluate if you really need the certification.
The downside of FIPS mode is that because the certification process is so costly and time consuming, it will generally run behind and not get the latest algorithms until a few years have passed. That type of conservatism in cryptography can be good or bad, but overall I'd rather use a FIPS system than not, given the large number of dubious systems in use, and the FIPS system will be more secure than the average non-FIPS system, but less secure than a non-FIPS system carefully reviewed by experts.
It prevents use of good algorithms like ChaCha20/Poly1305, and it allowed the sketchiest PRNG of them all: Dual_EC_DRBG.
> The executable signing also makes monkey-patching harder
Monkey-patching means patching at runtime. This is just as easy to do after the signature has already been verified.
> it will generally run behind and not get the latest algorithms until a few years have passed
It also won't get fixes for vulnerabilities until a few years have passed.
A FIPS device being unpatched or broken for a few months almost seems like the natural state of things, at this point.