Outdated Version

I suggest you report a bug. If the bug and security fixes are significant then the package will be updated sooner rather than later. Ubuntu is not a rolling release distribution and packages can be left unupdated in favour of ones with issues.

A package isn't "outdated" just because a newer version is released. Often maintainers will give full support to multiple versions of a package. A package is only outdated when the available version in the repositories is no longer supported. In which case a bug should be reported to get the package updated to a supported version.

Interesting update policy here at Ubuntu. The current stable version is 2.4.0 - which also brings new functions and other improvements. If I understand you correctly, it will only be updated when a bug occurs or someone feels like it.

Manfred Hampl suggests this article as an answer to your question:
FAQ #3037: “no rolling release”.

Additionally you have to be aware that Ubuntu is copying packages from Debian (to avoid double packaging work).
Debian recently has upgraded to version 2.4.0 in "experimental". When that package proves to work well, Debian will also copy it to unstable and/or testing, and at that moment Ubuntu will take that version into its development release (which currently is 21.10).

It is possible to request an upgrade also in the current Ubuntu releases via SRU request, see FAQ #3037 for details and possible reasons for doing so. If the new functionality is worth doing an upgrade, then it may be done, but just "because there is a new version" is no enough to justify a SRU.

No. It will be updated if there is a need. If the bug and security fixes are significant then it will be updated. If the version becomes unsupported then it will be updated.

Ubuntu is not a bleeding edge distribution. If you want the latest packages all the time then Ubuntu isn't for you and you should use something like Gentoo or Arch or Debian Sid as they are kept bang up to date but are significantly less stable.

Ubuntu is often a users first step into Linux and Ubuntu tries to give a more stable OS by making fewer changes to the packages.