Is that your experience?
I imagine it can be a kind of self fulfilling prophecy, but even then I can't imagine people replacing everything each 4 years. And if that's not your experience, then the point is moot.
Translating from corp-speak, whoever said that probably meant: "I plan to get promoted before we need to pay this tech debt down."
Here am I, sipping on my coffee and catching up on HN while waiting for my 10+ year project to finish building.
Building what? A feature flag, of all things.
As for external pressure from shareholders to skip cleanup: it's better to not describe cleanup as a separate step, but as just another part of feature implementation. It is a fact of software development that work on a feature must be done both before and after that feature is first available in production (whether it's to ensure that all is fine with a finger on the rollback button, to set up relevant production monitoring, or to clean up any scaffolding that was required for the release), and it is possible to have features that are available in production but are not yet _done_. Finishing the work is not optional.
This is the limitation that breaks every development practice people come up with.
That idea of formalizing the cleanup and requiring it for deployment is very interesting. It may be possible to extend it to other contexts.