I despise the overly complex way MS are handling Windows and the updates.
But my (possibly incorrect) understanding is that Windows is similar to Ubuntu as you describe. LTSC every 5 years (I think, maybe 3), for servers or you could go with the 6 monthly releases for the latest features. Regardless of which one, there's monthly security patches too.
LTSC is also available for the client too, although I know MS highly discourage use of it for normal desktop usage. (In the past at least Office literally wouldn't install if you were using LTSC on Windows 10 which is fucking mental, but since when were MS sensible in that regard?!)