We should status "Updating" any time an operator has a Progressing=True condition. We should only show "Updating" during a cluster upgrade where the operator version does not yet match the release version. Otherwise, the operator is reconciling some change (but not updating to a new version).
Checked on OCP 4.7 cluster with payload 4.7.0-0.nightly-2020-12-20-031835. When cluster operator's current version is equal to the cluster target version, and it's showing "Progressing" when it's getting some change. The bug is fixed.
Created attachment 1740941 [details] progressing1
Since the problem described in this bug report should be resolved in a recent advisory, it has been closed with a resolution of ERRATA. For information on the advisory (Moderate: OpenShift Container Platform 4.7.0 security, bug fix, and enhancement update), and where to find the updated files, follow the link below. If the solution does not work for you, open a new bug report. https://access.redhat.com/errata/RHSA-2020:5633