Okay tbf this is meant for companies that need to meet specific requirements like government privacy regulations, which change every year and need to be actively maintained or else you get in legal trouble.

Yeah you pretty much would only ever need to install these updates to libavcodec and imagemagick for regulatory compliance reasons, or maybe if you wanted to be able to safely load video or image files found on the internet without being subject to compromise by widely-available exploits for vulnerabilities that were published and fixed upstream last year.