Do You Update Old Content Regularly or Focus on Publishing New Content?

I have seen different opinions on this. Some peoples spend a lot of time updating existing articles, while others focus almost entirely on publishing new content. For those managing content-heavy websites, which approach has given you better results? Have you seen significant ranking improvements from updating old posts, or do you get a better return by creating new content?
I do both, but updating old content usually gives faster wins if the page already has some rankings. Refreshing outdated information, improving content quality, and strengthening internal links can boost performance. New content is still essential for expanding topical authority and targeting new keywords.
 
I try to do both. Old content can bring back traffic, while new content helps the site grow.
 
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