Depends on the app but usually don't major version upgrade unless the current version is losing support or there's a compelling new feature. I wouldn't run on the latest until a few point releases are out (say .3 or .4).

I haven't worked on anything recently with a good performance testing system so that weighs in a bit, too (there's not a high degree of confidence the app won't hit a weird perf regression or edge case)

If it's using a managed service, that weighs in, too. Something like AWS RDS Postgres usually has a 6 month lag + give it some additional time to work out any AWS control plane "surprises"