I would say this is a fair assessment.
As an example, a Grub update a couple of years ago resulted in a broken boot loader (#75701) on Arch systems (and therefore EndeavourOS). Our friend @dalto was quick to jump on that and provide the community with answers and a solution:
Full transparency on the GRUB issue - Updated 2022-08-29
These sorts of show-stopping update issues are fortunately rare, but it can happen. Some members have mentioned they update infrequently, to reduce the likelihood of being caught out by something like that.
Others (like myself), continue to update readily, but it’s understood there is some potential risk to that.
It really comes down to how you use your system, and how involved you’re prepared to be in resolving any potential issue. If it’s a mission critical system, update with some care (or really, consider a different distro).