In recent years, I’ve never seen catastrophe from failing to reboot. Worst thing I’ve seen is kernel module mismatch and the modules won’t load (like a diff filesystem or plugging in a new mouse).
I remember kernel panics and glibc insanity from much earlier years, but I haven’t seen it in a long time.
That said, I typically reboot at a convenient moment after a critical update.
If you get in the habit of rebooting after each update, especially ones that contain core components, then the reboot notifier just becomes unnecessary and annoying.
I run an update each morning and reboot before starting to use my computer. It’s just a habit I got into and reboots do not interfere with my day since I get it over with before actually starting any work.