I do it quite often. A sequel coming out for a game I enjoy is typically the opportunity I use to go back and replay a game. I did it with The Last of Us 2 by replaying the first game (via the remastered version), which was the first time I played that game again since 2013. I might have enjoyed that game even more my second time playing it. I'm not going to replay every game in a long series every time a new entry is released though.
The same is often true for games in my backlog, as well. I've never played Horizon, but I'll likely play it at some point leading up to playing Horizon 2. I rarely buy games immediately at launch, so that helps mitigate the feeling that I'll burn out on a specific type of game. Using Horizon as an example, I may play the first one leading up to the sequel's release to feel generally involved in the Horizon hype, but then I may also not buy the sequel until like 6 months after release.
Depends how long it is. Best believe I'll blitz through both Spider-Man games before the sequel hits though.
I'm already 100% expecting to blast through the first two Spider-Man games again leading up to the third one. I want to experience those storylines again! New Game+ is such a fantastic option for these types of replays. I'll probably play it on a hard difficulty to keep the combat interesting, but it'll be great to not having to worry about the more grindy aspects of the game that I've already experienced.