Their scale is so immense that "flops" means "not a breakout success that resulted in a massive instantaneous increase to their bottom line". It also means the pressure is on them to have everything right (from the HW side) from the initial launch in terms of volume, build quality, reliability, & value add or they will have a meaningful setback to an expensive proposition (no room for exploring with smaller-scale things which is where competitors should start - Oura for example).
Not everything Apple does is a success, but they have gotten it more right far more often than wrong. The M1 chip affects also their entire existing computer line. AirPods work beautifully across iphones, macs, and ipads. Apple watch integrates flawlessly with my iphone (answer calls, play pause etc). These are accessory products that reinforce the main ones which they continue to upgrade beautifully every year.
They are able to balance both (Cool New Thing and upgrade cycles) and through it all, keep their product list to a relatively small number of items/skus. Compared to google who offers so many additional services and applications.
a Cool New Thing
> touchbars without escape keys,
a Cool New Thing
> HomePod
a Cool New Thing
Cool New Thing was not distracting from these things.
> Polish and Attention To Detail
gets harped on at Apple because they are so much better than everything else (and charge $$$ for it), that customers and opponents don't tolerate mistakes. Maybe being perfect is actually, really too hard to reach?