Since they switched to QPRs and Pixel drops, major releases have become less important because feature roll out throughout the year. It's just that nobody outside GrapheneOS and Samsung (to my knowledge) rolls out QPR2, so for non-Pixel/Samsung, the major releases are... major.
I think another major source of work for GrapheneOS is when Google releases QPR1 and QPR3, because GrapheneOS had to rebase the driver/firmware changes on top of QPR0/QPR2.
The apps also need to be updated to the Android 17 target API level but that can happen over several months following the OS itself being ported to it. The app aspect is something all Android developers need to deal with due to new target API levels bringing backwards incompatible improvements.
They've ported the patches to work on top of the latest release.