Exactly this. At my old employer we (the sysadmins/operational DBAs) were pushing for newer, supported versions of Postgres. The push back was always the regression testing cycle, amount of desired change and willingness of the product owner to even engage. The testing cycle was so long that I tried to convince them to test on Postgres beta, because it would well and truly be prod with a few bugfix releases by the time testing was completed (alas, they went with n-1 release of Postgres instead).