The updated vaccine will certainly be better than the original at stopping Omicron, but not a game changer or anything (last I saw it was about 2x more effective at generating antibodies). Though the updated vaccines that do exist are based on a variant (BA.1) that barely exists anymore, which does limit their utility a little bit. Though the extra breadth of immunity from a multivalent vaccine could plausibly improve protection against severe disease as well (you can't tell that from antibodies).
So whether it makes sense to wait for it depends a lot on someone's personal circumstance. If you're at high risk for any reason (age, comorbidities, etc.), it would virtually never make sense to wait beyond the recommended timeline. On the other hand, if you're younger and healthy or have had an infection relatively recently, the difference between 3-dose and 4-dose protection is probably going to be pretty minimal on an individual level.
Part of the problem is that whatever momentum existed to get these vaccines developed and produced in record time is basically gone now. What should have been relatively simple and inexpensive tasks (e.g. running trials to test vaccines for each new variant, comparing the breadth of immunity of people with different combos of vaccination and infection, etc.) that would have told us so much more about immunity to COVID basically haven't been happening. Similarly, there seems to be little investment or interest in speeding up 2nd generation vaccines that might provide better mucosal immunity (which would be more effective at preventing infection) or vaccines with fewer side effects than mRNA vaccines have.
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