Absolutely, security updates are much more important than feature updates. Upgrading to newer Android versions is mostly useful to have access to newer Android APIs (apps eventually will require newer versions, although that usually takes quite a while). Another benefit of newer Android versions might be added security features.
Ok, that endoflife.date site apparently isn’t quite up-to-date then. But even still, Android 14 was released in October 2023 and as far as I can tell, Fairphone released their Android 14 update only in July 2024. I’m not saying Fairphone’s update policy is terrible or anything. It certainly is better than that of many other vendors, but if you want updates as quickly as possible, you are probably better of with a Pixel phone. Of course repairability is an entirely different matter.