I update my system every day and have noticed that the kernel gets regular updates as well as the other installed software. For instance, the latest is:
xxxxxxxxxx-xxviii:~$ uname -a
Linux xxxxxxxxxx-xxviii 5.4.0-54-generic #60-Ubuntu SMP Fri Nov 6 10:37:59 UTC 2020 x86_64 x86_64 x86_64 GNU/Linux
This "0-54" is the part I'm interested in. Presumably after an Ubuntu LTS is released, the kernel just gets security updates, nothing more, and this "54" is the 54th security update revision to the kernel by Canonical?
With regards to the "generic" part, I assume this means that the kernel dynamically loads whichever drivers are necessary per machine [I remember Slackware has a "generic" and "huge" kernel, though these days there is little reason to use the latter].
generic
only means that it is a standard 250 Hz basic tick rate kernel.low latency
only means that it is a 1000 Hz basic tick rate kernel.