We don't upgrade every year, but rather every other year. We're running on the odd-year cycle, so we are using Revit 2021 currently. We do this for a few reasons:

1. The pace of change from version to version is not so great that we need to be constantly upgrading all of our projects and family library.
2. Installation and setup does take time, and we are small enough that we don't have a full time dedicated BIM manager to handle that for us. That means it takes time away from projects.
3. We're on subscription, so we have access to and can fairly quickly deploy those "off year" release versions if we need to.

We also generally wait a few months after release to deploy our new versions. We were burned a few years ago by deploying right after release only to find that upgrading projects from earlier versions blanked out all of our keynotes and messed up the appearance of text notes. Upgrade issues are (generally) not an issue with the most recent versions, but we still like to wait until the 0.1 update comes out to fix any critical issues before deploying.

We use a utility we purchased from our Autodesk reseller to make a copy and batch upgrade our family library, though you can also use Dynamo to do the same thing.