Re "Apple supports the two prior releases": I don't think this is true anymore. They used to support 1 behind for sure, but idk if that's still the case, and there are definitely security patches that HS got that El Capitan didn't.
It seems to be an unofficial policy, but as far as I am aware it still seems to be in place. For example, the recent 2018-001 security update included SPECTRE / MELTDOWN patches for El Capitan.
It's true that Sierra and especially High Sierra received more kernel patches than El Capitan, and I'm not sure how to interpret that.