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One thing to add on the topic - it is possible to have some fixes to the library projects that would become active when you republish your library.
Other than that, we do our utmost best to ensure backward compatibility, where new version should be able to run the old processes without an issue.
(this is double ensured by the fact that dependencies per process do not change with an upgrade)
Naturally, the best practice is to test your processes first in test environments before rolling out the upgrade in production.
EDIT. There is one more thing to add - sometimes Preview Community versions (for example, 20.6, 20.8) will introduce something that will be changed in the final, LTS 20.10 release.
In such cases, the compatibility will be kept between the two major releases, in this case 20.4 and 20.10.