I absolutely wait. I once played a game that I was waiting for the update and the update lasted like...half an hour. really disappointed me. now I let a few updates build up.
Only for games I absolutely am into, but even then updates must either be frequent or contain plenty of content. If a game updates once every 3 months with 5 min of content, I am very likely to just drop it. Otherwise, for games I am not that invested into, I revisit them based on discussions around the game, which usually give me a pretty good idea if there's enough new and worthwhile to revisit.
Depends how much i like them and how big or frequent the updates are. If i love the game then yes every update otherwise often only every 2nd or 3rd update