I mean, yes, update your dependencies. But probably after a week or so after they've been release and tested by the first penguins willing to jump into the ocean.
Holding periods for new updates are a good idea, but I would also prefer having a tool that could provide diffs of the entire project state pre- and post-update; including transitive dependencies being added or removed. Git diffs won't show you that information, by design.
Why not? Cargo.lock includes the transitive dependencies, and Cargo itself reports everything that changes when you do an upgrade. Those are version changes, not code diffs, but it seems entirely tractable.