Well, that’s debatable. If you look at D3, the game is a live service but it was pretty much complete after the expansion. Every season after that had minimal changes and barely any new mechanic, if any at all. It was only the last few seasons before D4 that they “woke up” and decided to do something right.
So being a live service doesn’t necessarily translate into continuing development. And even more “extreme” example of this is D2, where you’ve had seasons for years without any changes in the game. (Basically, Blizzard is lazy )
But the point I was making is that, with 0.9.2 the devs are saying: “This game isn’t ready to be released. We want to do more in the game before it’s ready for the general public.”. And once they release 1.0 they’re saying: “Ok, we will get more things in over time, but the game is now ready for the general public”.
For players, there isn’t much difference between playing EA or public release, other than maybe the tolerance for bugs/features/whatever.
But it’s a threshold that the devs choose for announcing that their game is ready enough for public release.