Well, function over form, but only to a point. As noted, there is a joy in a fresh design.
But also the new products and new designs often offer marvelous new functionality... think MacBook Air, iPad, iPhone, 12” MacBook at only 2 pounds, etc.
I can readily see and support someone's desire to hold off for now in the chance that a 12” or 14” M1 new Mac is coming. That could provide significant gains in portability or screen real estate — perhaps improved camera, Face ID (for those who want it), etc. Or, others want an M2 or whatever it would be in a 16” or higher-end 13” MBP.
As to brand new product and designs... Sometimes, as with the first year of a new car model, there can be problems. On the other hand, that can happen with refreshes, too. Plus, some new products or designs are fantastic! The original iPad was brand new and we had no issues with it. The MacBook Air was great for many. Many still delight in the 11” Air.