Most stakeholders only need to hear about major milestones. They don’t get release notes. They get weekly or monthly memos on what the department is accomplishing.

Unless you’re developing open source or developer APIs/SDKs, end users don’t care about release notes. The KB needs to get updated, and meaningful feature improvements get announced in newsletters or blog posts every N weeks. A good customer experience team will take care of this based on raw release notes, and also notify customers who reported bugs when those bugs are fixed.

Engineers working on the product get raw release notes.

Engineers integrating the product ideally get something edited a bit to be maximally useful when working out how to upgrade — Django’s release notes are something to aspire to.