Earlier quoted context omitted.
If the only way a security team can cope is with a single version policy, that sounds to me like a tooling problem. Take Nixpkgs, for example. They have this concept called "default crate overrides" which their rust builder uses, which offers the capability to patch all versions of a crate. That's not to say that Nixpkgs does rust perfectly, but just an example of the sort of tooling a security team should have at th…
How does it patch all versions automatically? If the library has been refactored, you still need to modify the patch for the pre-refactor and the post-refractor versions, for example. The closest you might get is a ChatGPT-based tool, but that is nowhere near safe enough for security patches.
You can also blend both strategies - you might have a version minimization strategy, where you only use, for example, one major version of a library at a time.