It can be done, but I wouldn’t recommend it. Containers and VMs running a stable distro on top of something like Fedora, Tumbleweed, or whatever else is my preferred setup.
Something like Fedora also has a more mature in-place upgrade ability than the EL distros have.
You answered your own question. Maintaining software will eat up lots of time. It’s fine when there is a team to maintain software for installs, but not really something a single person running a desktop/laptop probably wants to deal with.
The 5yr release cycle is a pain starting about year 3 even for people who get paid to deal with it. 😆
VMs and containers on top of something more up to date is the best of both. Up to date distro with features, and all the distros one could want!
In-place upgrades are very relevant. Who wants to destroy their setup and reinstall everything when a new OS is released?
There is leapp for EL in-place upgrades, but it’s new and rather rough, from my testing.
Flatpak has made software support better, but I’d still recommend something else without a concrete reason, like proprietary CFD software or something which only supports EL.