What if libinsecure 0.2.1 is the version that introduces the vulnerability, do you still want your application to pick up the update?
I think the better model is that your package manager let you do exactly what you want -- override libuseful's dependency on libinsecure when building your app.
Of course there's no 0-risk version of any of this. But in my experience, bugs tend to get introduced with features, then slowly ironed out over patches and minor versions.
I want no security bugs, but as a heuristic, I'd strongly prefer the latest patch version of all libraries, even without perfect guarantees. Code rots, and most versioning schemes are designed with that in mind.
Except the only reason code "rots" is that the environment keeps changing as people chase the latest shiny thing. Moreover, it rots _faster_ once the assumption that everyone is going to constantly update get established, since it can be used to justify pushing non-working garbage, on the assumption "we'll fix it in an update".
This may sound judgy, but at the heart it's intended to be descriptive: there are two roughly stable states, and both have their problems.
I think the better model is that your package manager let you do exactly what you want -- override libuseful's dependency on libinsecure when building your app.