And if we did do updates like that, would we consider respinning media
and making a "F30.1"?

What's the difference between re-spinning install media and doing a proper F31 release? At least from QA point of view, I see very little difference. We would need RCs, we would need a freeze, blocker bug meetings, the whole process. And of course some of our tooling might not account for a special F30.1 release-but-not-really, so it might end up more work than a standard release. I can't speak for releng, but I'd expect a similar story.