In that case one can just branch off a stable-x.y branch from the respective X.Y release tag as needed.

It really depends on the whole development workflow, but in my experience it was always easier and less hassle to develop on the main/master branch and create stable release or fix branch as needed. With that one also prioritizes on fixing on master first and cherry-pick that fix then directly to the stable branch with potential adaptions relevant for the potential older code state there.

With branching of stable branches as needed the git history gets less messy and stays more linear, making it easier to follow and feels more like a "only pay for what you actually use" model.