I don't think regular balance patches hurt development of the metagame at all; in fact, I think they embellish it.
Consider the early days of Smash 4, no doubt to be recalled with fond recollection as "The Diddy Wars". Top-level tournaments were renowned for their influx of Diddy Kong players, many of whom admittedly played Diddy because he was "the best" and offered a unique advantage in competitive play. The likes of Mew2King and ZeRo continued to dominate the upper leagues, flanked by their simian chum and the world-ending terror of the Hoo-Ha. Opponents fell before them and their aggressive primate shrieks, and the competitive Smash scene was awash with the scent of blood and banana.
And then Sakurai and his dev team decided, "Y'know what, we've been getting a lot of comments about this, how about we nerf Diddy?"
And the Hoo-Ha was no more.
And then he got nerfed again a couple of months later and the jury's still out as to whether he remains top tier or has fallen to, y'know, in and around high tier.
If nothing else, I think it's interesting to consider why Diddy was so ubiquitous amongst the upper echelons of Smash 4's competitive scene, and why Diddy himself became synonymous with such terms as "OP", "nerf", "broken" and "jank". Diddy was widely regarded as "the best" due to his great combo potential, diverse toolkit, relatively heavy weight class and aggressive kill confirms that were easily used in almost any circumstance. Had Diddy remained as he was and the Hoo-Ha continued to tear asunder the field of honour to this day - I actually don't think the scene would have changed all that much, honestly. Though we would no doubt still see a lot of Diddy.
The crux of my opinion is thus: balance patches keep the game from stagnating. I'm being hyperbolic for the sake of humour here, and I don't think Diddy was anywhere near the ban-worthy giga-threat a few Cassandraic individuals made him out to be, though I do think the metagame was - at least in its early days - at risk of becoming Super Smash Kong and Friends. Now that Diddy has been (arguably unfairly, though that's an unpopular opinion for another time) nerfed and isn't dominating the charts anymore, players are trying out new things; and at the same time, low-tier characters are starting to emerge from the woodwork and top players are at least willing to give them a chance. I think that's healthy for a developing game, and while the meta could and would no doubt have carried on evolving indefinitely, I think it would have allowed players to get into comfortable grooves that I feel could have potentially led to detrimental stagnation of the game.
tl;dr - I love competitive Smash and I love to see the game changing and remaining fresh and dynamic.
Do note: I haven't attempted to reread this for structure or anything, I'm really just vomiting words onto the screen. If any of this makes sense, then bravo, my work here is good and done.