Personally, I still like to have a level of control about which updates are installed and when. For small updates, especially when there is a security fix, I go ahead straight away, usually. I figure a security update could be urgent and that poses a greater risk than the possibility of any issues with the update itself.
For major OS updates, such as the annual ones, I tend to wait a little to see if people run into compatibility issues or serious bugs. One macOS update years ago "broke" a program I relied upon for my work, so that was quite a problem!
When it comes to app updates, I have a similar approach of installing minor updates but holding off with the big ones. Every now and then there can be a nasty surprise, such as switch in compatibility, a loss of features, or a change in funding models...