This is a matter that is very important but also hard to define clearly. I believe that a “significant update” should be easy to determine. For me that definition means a major new feature of an existing project or a completely new dApp from the same team. In S3 there are some obvious carry-overs from S2, some are just cosmetic changes, other are updates of products that were not even completed after S2, which is even worse.
Following your example, if in S3 a team makes a new NFT ecosystem and in S4 creates a game using the NFT as a part of the game, for me it’s perfectly fine. But if a team proposes an app in S3 and a purely graphic rebranding in S4, I don’t think it qualifies as “significant update”.