Actually, Dolphin Emulator is a good example what happens with huge releases - there are too many changes to test them properly, so devs avoid to make stable releases, and users are forced to use nightlies because they have no real alternatives (a latest stable 5.0 release was released in 2016). Technically, it is close to the rolling updates system, which we, IIRC, do not want to use with OpenMW.
There are build artifacts only for Windows, and I am not sure if anyone really tests every pull request using these builds before it get merged to master.
On other platforms testers have to build pull requests themselves, and I am not sure if testers check every pull request as well.
Who is supposed to check if every of 260 tickets from the 0.46 release works properly and does not cause new issues (to claim the 0.46 to be a bug-free and give us a green light to release the 0.46), and which amount of time such check would require?
From what I can tell, we use the "a game launches, a quick test does not show critical bugs" check before release instead, and it does not guarantee that users will not encounter bugs which were not present in previous release.