In the past with all my Androids like Nexus 4, LG G2, G3 I would always wipe my phone and rebuild after an OS update. I think that was more common practice because OS updates where not as stable. With my Note 8, that was my first phone where I skipped my normal routine after it's first OS update and ran it all year until after the 2nd OS update was released and then I think I experienced issues that made me decide to erase and rebuild it. Such a pain to rebuild you phones on Android.
It really comes down to how the phone "feels" after the update. If you are not experiencing any crashes or bugs that can't be fixed with a setting change or re-install of the app. Or not feeling any performance issues.
With my N20U I was hoping to do the same with my N8 and the phone was running great after 11 update but then I had a bug that wouldn't go away and worse it's the type that shows a useless pop up and shows itself in multiple apps and along with a couple of more annoyances and noticing some settings that have changed after the update I just said the heck with it and erased it. I found the culprit to my main bug (Lockwise causing a "null" message pop-up to appear in various screens) so I'm glad to find out it wasn't a "system" issue but 3+ days after my wipe I'm still finding settings to put back the way it was before the wipe. Android restores are the worse.
If I was patient, I could have maybe lived with the message pop up and wait for the app I didn't know causing the issue to update and go away. And the other glitches I had I could have tried uninstalling and reinstall to fix see if that would fix their quirks and think I would have been just fine not wiping. But it is tough running a phone after an update with a message that pop ups every time you use it and have to see it and not know what it is... but new OS updates will break a few apps and do have to endure waiting for updates to fix them. (That "null" pop up... was like seeing a tilted painting on the wall you couldn't reach to fix for me though) :-\
But like Hermes said, The good is it satisfies ourselves if it feels like it runs better after the rebuild and if you had any bugs they were gone after the wipe or you were able to find the culprit that caused it. The bad is its too much work.
That's a big reason I love iOS and my iPad Pro... for me iOS updates have been rock solid and can't recall the last time I "had to" erase and restore because of a bug on their end. Usually when I erase and restore, it was a user error and am trying to recover the data I erased/lost... but if needed to do one... go to settings, erase devices, reboot, go through setup adding your iclouds account back in, choose to restore a cloud backup and choose the date of the backup and within the hour the entire device is restored down to the tabs in your browsers you had opened last time, all passwords still stored for those sites or apps you have installed... down to about every last setting you had for each app to the last notification setting. Oh man if they could do that with Android.
What a frickin pain trying to remember and set up my McDonald's app password when I'm driving up to the drive-through or the password to my Dunkin' Doughuts app to get my morning doughnut!!
After every major OS upgrade, within a few days I like to factory reset my phone and start fresh, no backups just reinstall everything.
It gets rid of junk files and apps I don't use and feels less buggy. Battery life seems better too!
Is this beneficial in any way or am I just satisfying my OCD? (Figure of speech of course, I don't have OCD)
Btw: When I say no backups, I mean I reinstall everything as opposed to Smart Switch or similar options. I do of course backup my pictures, videos, and other files before wiping the device.