Given where we are in the year and what I saw of release notes for 12.4, if bugs are a concern, I'm suspecting the wait should be for 13.<something>.
If they arrive, maybe 12.6 or 12.7 might surprise before 13 but I find myself more and more hoping for a WWDC announcement of
Snow Monterey for a year or two. Brand new Studio Ultra with fresh installs of everything instead of migration and key things- especially externally-connected hardware ("unexpected eject"),
speeds that fall short of specs and spinning beach ball delays for low-demand actions- are frustrating to me. If it was possible to install High Sierra on this "latest & greatest" Mac, I would have already done it by now... perhaps also testing the last version of Catalina too. Most of what I've gathered about the bigger bugs seem to have started with Big Sur and simply persist.
Suggestion if one wants to proceed anyway: use an
external drive to duplicate the internal one, then upgrade one of them and try it for a while, saving new files you create/update to a separate drive during this trial period. If all is good for you, stick with it. If not, rolling back is easy and you'll only need to manually put newly created files where they belong in the old system. Caution: select software updates prior version files so you can't "go back" for those... but, in those cases, just make a copy of the file in the new system and maybe some notes to yourself about what you changed in case you need to "go back".
This is the best way to see for yourself with no risk other than a little time to deal with and/or recreate newly created/edited files on the old system if you have to go back.