If anything, the longer you hold your laptop, the more you amortize the cost, and can more easily afford the next one.
My work machine went from an M1 with 32GB to an M4 with 24GB and it definitely wasn't worth the time to upgrade.
I had to prove the OP wrong though; my M1 Max's keyboard died this year, and I had to upgrade to the M5 max this season, after the hikes. I kissed 9k EUR goodbye for something not much better functionally than the M1 Max it replaced, bought for 3.4k Canadian dollars in the wonderful 2021 (that was barely over 3200 EUR back then).