I see no reason to “cut myself off” at any point, I still find games released in the last few years that look interesting, and some with release dates TBD that look neat.
I haven’t bought a new console since July 2015 and have no plans to buy a new generation any time soon.
When my current console dies, I might upgrade, but likely I will find a cheap used replacement and keep playing what I already have.
Someday I will update all my stuff, just not today.
Man, I used to believe that.
The last 8 years have shown me otherwise.