If it’s a device/setup that is self contained, and not exposed to e.g. the internet, then …. It’s already 32 years LTS! Just use it.
Ah, but occasionally you do need something new. Well, in most cases, the LTS support won’t help you - because they just fix bugs, but do not e.g. provide TLS 1.3 to replace the aging OpenSSL 0.96 which barely supports SSLv2.
Additionally, do you have LTS hardware replacement for 15 year old hardware running Linux? Iirc Dell, HP and friends only provide a 5 yr guarantee - and that guarantee is “we’ll give you a new machine if we don’t have replacement parts” which you also have with Linux (just install the latest)
Have you asked yourself why this is the case and why it should be the default accepted case?
> Is that a better idea than keeping up-to-date with a rolling 24/36/48 month release cycle?
There are plenty of devices out there that exist for longer than 2 or 4 years. And those "rolling upgrades", how are you going to deal with "we're dropping 32-bit support"? Or "we're dropping support for CPUs that don't support certain features". Or a hundred other deprecations and the inevitable increase in bloat of software?