Yes and no.
Partially true, because it surely limits possibilities, but...
Partially false, because I've personally played two games for a loooong time and the lack of variety didn't stop me from playing them.
Tribes Vengeance, by the time I got my hands on this game's multiplayer, official servers were already long closed and there were only like maximum of 2 populated 'private' servers at any given time. IIRC the max they had was 8 players per team, so 16 people.
Since the game was long abandoned by devs, we were only playing ~5 basic maps of Capture the Flag_ (there were other modes, but yeah... So much you can do with a playerbase of 100 people tops)_. 4 years, I quit, because I had a format and couldn't get the game to work, tried it some time ago and it was pretty much dead <sad_panda>
The other game was Crossfire, in which again I spammed only one game mode (which is unique among FPS games, haven't heard of a game with a mode like that) and only two/three maps (later there were more, but they were too... open for that gamemode). I did play it for like 3-4 years too, some of that time along Tribes, but quit on my own accord.
Why? When a game with 90% of the content being Free2Play, turns into a 90% of Pay2Win, then we have a problem.
As for the rest of your post, OP, I disagree.
Yes, we don't have a constant lore, but not because we don't get it regularly, but because it gets periodically nuked out of existance.
Quite literally the whole lore was invalidated with one statement.
As it that wasn't enough, we even get fundamental characteristics of champions being nuked too. Think Diana and Leona or Pantheon getting even more shallow, than he was, or Amumu not being a yordle, Skarner having his whole race removed (Ironically his quote "I miss my kind" is still there.), etc.
Before the retcon was announced I knew every single champion's lore BY HEART.
Now? I don't even bother to check those "updates", because not only they completely destroy champions, but also are a subject to change solely, because of a whim of some narrow-minded "writers".