They definitely do release new models every year but they don't refresh the entire range. There's no point really, monitor technology doesn't move on significantly that frequently. Stuff tends to trickle down from the business/enterprise models (Ultrasharp) to the consumer models.
That said, the S2722QC is a great monitor with specs I can't imagine being surpassed (at that price point) anytime soon. I bought the S2722DZ (similar but has a webcam) last year, it was also a 2022 model, at a great price as it wasn't the most recent one. If it does what you want, why wait? Because if you take the logic of "a new one might come out in a few months" then you could be waiting for fear of missing out forever.