Known-good meaning a tested and working configuration The bugs are fixed upstream and they get pushed via the method of distribution, which is Flathub in this case. Well, fixes don’t normally need to be backported because flatpaks are usually fresh.
There are a few assumptions in here in order for that to work: the known-good version needs to be the latest upstream version (otherwise you might not have the latest security fixes) and users need to be comfortable always using the latest flatpak version. Some users might be more comfortable staying on a known stable version for some time.
For notifications, you’d have to follow the relevant projects directly.
Right, and each project will have its own way of handling security issues (particularly when it comes to older versions). Will they point out that versions x - y of their flatpak are affected by a security issue in component z?
You don't really need to switch to a different distro. Just avoid snaps/flatpack/... and use a more lightweight desktop like XFCE and you should be fine.