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I used to upgrade every generation, and yeah, it was stupidly expensive. But it was my only hobby, and you could actually seen performance increases each time.
But for the last 10 years or so, there’s much less point. Sometimes there are major advances (Cuda, RTX) that make it worthwhile for a single generation upgrade, but mostly it’s just a few FPS at highest settings. So now I just upgrade every few years.
Back in the 90s and early 00s, frequent upgrades were kind of required to stay up to date with new games. The last 10-15 years have been muuuuch slower in that regard, thanks to consoles I guess. I’m not complaining, but I miss the sense of developers really pushing boundaries like they did in the old days.