Originally posted by Kunyomi:

So I haven't played since before the Hearth and Home update and read it's best to start a new world to experience the new update fully.
Will there be another such update soon, such that I'd have to once again start a new world to have access to all new stuff?

There was not a single meaningful update since it appear for the first time so you are not missing anything. Everything is still the same, in one word, unfinished, not even half baked.