Verified on 4.7.0-0.nightly-2021-03-22-025559. Kubelet cert rotation does not cause any reboots and updates in about a minute.
$ oc get clusterversion
NAME VERSION AVAILABLE PROGRESSING SINCE STATUS
version 4.7.0-0.nightly-2021-03-22-025559 True False 27m Cluster version is 4.7.0-0.nightly-2021-03-22-025559
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 4.7.4 security 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.