Absolutely. I was leading a team a while ago and I instituted this practice to good effect.
Conversely, I was called by a company that I had built an app for previously. They had not upgraded the framework it was built with (Laravel), and ended up offering me consulting days to jump several versions. The irony is that the job ended up being quick and easy to do.
Laravel is relatively painless to upgrade as long as you have the autonomy to get the work done in a timely manner. I've seen upgrade projects drag on for weeks causing issues upstream since most of the team was still working on the product or fixing bugs while one developer was tasked with the upgrade.
Did you use a tool like Shift to help with the upgrade? What about frontend dependencies? The recent move from Mix to Vite is great, but if you have a large frontend, it can be a major PITA to update. More so if you have any sort of custom webpack configuration.
Conversely, I was called by a company that I had built an app for previously. They had not upgraded the framework it was built with (Laravel), and ended up offering me consulting days to jump several versions. The irony is that the job ended up being quick and easy to do.