Fedora has virtually only a small grace period between releases.

This part is inaccurate. Fedora releases every 6 months, like Ubuntu interim releases, but supports them for 18 months. Additionally, Fedora supports skipping a single release. So, for example, you could run Fedora 35, skip 36, and upgrade straight to 37. While not supported as long as the Ubuntu LTS, Fedora is supported for longer and more flexible than the Ubuntu interim releases.