Well I'd rather (between the two) buy a game, and then buy tons of DLCs that adds tons of content (whether little or a lot, which EU4 does both). Then buy a new game for 60 dollars all the time. The first at least ends up making a huge epic game. But a lot of people seem happy to buy call of duty or madden every year for 60 dollars, but I've seen the same people complain about buying a dlc or two a year, which makes no sense to me, but guess it does to them. Imagine if call of duty was rarely remade (except for massive engine upgrades to be more modern) and instead was one huge epic game, but had to buy dlc for it instead at a cheaper price than just buying 60 dollars over and over. That be amazing. Wish more games were one huge epic game maintained for years. Most games release a few dlc at most then move on to the next thing.
Then again, if I like a game, I'd rather play it for years and years and years. Like I can do that with skyrim because of mods (still play it to this day because of mods). But can't do that with most games sadly.
Like EU4, I have over 2k hours played according to steam. Skyrim has about 1.5k hours. How many games offer THAT much gameplay without it being remade over and over or just abandoned for the next game?
To me, paradox and bethesda have some of the the best business models (ignoring bethesda's fallout 76 which I think is actually better these days but thats aside... their stupid 20 dollars for a blue skin), but overall both offer one game that allows to be played for thousand or more hours. Though for bethesda, its because they are so mod friendly which gives them "free" content created by people, which gives tons more playtime. Paradox is rather mod friendly too. Very very rare to find a game like that.
Either way, I'd rather buy a bunch of dlc for one huge epic game, then a bunch of games at 60 every year that get a few dlc then left to die. Though...paradox might take that approach too far as they learned with imperator rome.