Obviously this isn't a tenable position in every circumstance, but I think it should be the default. Particularly in a world where the vast majority of security fixes go without an announcement or CVE.
I prefer the middle ground of pinning all dependencies, and using an external service to warn if any dependency has a known CVE.
Most updates aren't breaking. The overwhelming majority of updates that are breaking are trivially discovered and fixed with one or two tweaks. Almost all the rest can be fixed with a single search/replace.
Being eight minor versions (or two major versions) behind and having to find and fix all of these at once is when people land themselves into trouble.
If you update regularly and have decent tests, it’s easy to find and isolate the problem. And if it’s more than you can fix that day, pin it for now and try again later.