No, it's not yearly and Apple has done a pretty terrible job "refreshing". Where's the M2 iMac for instance? HP, Dell, Lenovo, etc. all refresh like 100 SKUs every time a new AMD/Intel/Nvidia chip drop within a few months but Apple who makes both the computer and the chip now can't. I would have thought the switch to AS would have helped here. But nope.
I don't know why people are annoyed by this and expect Apple to some day switch things up and refresh specs for every Mac annually, at one big event, or even just within 12 months or sooner from dropping the next chip gen.
Apple has never done that and never will.
Apple has always been about creating scarcity and making sure there's wide gaps in value and specs across the entire product line-up, making for a selection of models that vary greatly in use cases and specs despite all just being laptop and desktop computers running MacOS.
Apple would be doing the same for smartphones as they do with Macs if it were not for the fact that the average smartphone is about 2.58 years old, meaning that consumers are still upgrading every 2-3 years.
Macs are commonly much more expensive and require a big purchase of several hundreds or thousands of dollars, or taking up an expensive loan. Whereas most mobile devices can be paid for with interest free loans through carriers.
You really have to give Mac owners a good reason to upgrade. M1 was that and more.
But Apple got too zealous thinking M2 was good enough. But M2 underdelivered.
I think Apple's reaction will be to add even more time between each chip generation, to make sure the "hunger" for new Macs is even bigger and that they can deliver bigger improvements over the previous generation.