It's a great way to keep lifecycle costs down and devops QoL up, especially for smaller shops.
*Insert favorite distro here that backports security fixes to stable package versions for a long period of time.
Code with publicly-known weaknesses poses exponentially more danger than code with unknown weaknesses.
It's like telling sysadmins to not waste time installing security patches because there are likely still vulnerabilities in the application. Great way to get n-day'd into a ransomware payment.
EDIT to add: Of course, reaching a state where the whole graph is free of CVEs is a fleeting state of affairs. Staying reasonably up-to-date and using only scanned dependencies is an ongoing process that takes more effort and attention to detail than many projects are willing or able to apply; but it is possible.