It is debatable if constant code refactoring is constructive or not to the overall stability of the platform. Does it help lead to a stable platform in the short-term or long-term? A lot hipster companies decided to scrap the model of "tear it down and rebuild it in 2-3 yrs" model. This is waterfall.
I do see the long-term merrits with the constant refactoring model, but I also do see the argument for short-term instability of the platform.
All valid arguments. I'll let you decide.