700 changes per second is 1.8 billion changes per month. I guess 10 changes per top level domain per month is quite low, which suggests a very long tail distribution, which makes sense, given that most websites are just a static page a business sets up once, with DNS changes maybe once every few years.
700 changes per second implies 15% of all domains are changing daily, which is almost certainly not the case.
I imagine a renewal is a change event to, at least change the expiry, and renewals are constantly happening.
A domain renewal is an update at the registry, but there's no update in DNS at any level. If a domain expires, it would be removed (or at least changed) in the TLD DNS, but the authoritative DNS for the domain wouldn't necessarily update... it would just become orphaned.