What should be a gradual migration as new things develop turns into a singular nightmare.
Once in a decade you get something like a breaking upgrade of nginx, or the glibc debacle of 2003. That may take a person-week to fix[1], what can hardly be called "herculean".
1 - If you go with 1 person * 1 week, if you try to go with 7 people * 1 day, it will suddenly cost 7 person-weeks. But the only way upgrading is such a hurry is if you borked a lot of things prior to it.
Many of my bad experiences were because of corporate policies and lack of proper prioritization at levels above system administration. However, the sysadmin does have some choice in the matter, especially when greenfielding. You can turn stability into a vice if you're not careful.
IMO, the lure of an LTS is that you don't need to keep testing if your computer is still working every week when a set of updates come. Not that things that your software depends on the details remain frozen. If your software depends on the details of something, you should add it as a dependency.