| There is something like live patching. One reason mainframes and micros are still around us, is that you can change almost everything between hardware and software without downtime. It is also available in commercial surviving UNIXes, and as paid for feature in some Linux distros, although not to the extent that those grandparent systems are capable of. |
First, you might not reload everything in memory, so it will be patched on disk but not in process.
Second, you have not tested that the system can boot to a functional system. Say you have done live patching for 5 years and never rebooted, and then you have a power loss or hardware failure/upgrade that takes the system down. When you try to bring it back up, it doesn't work. Which configuration change in the past 5 years caused that? Which backup do you use?
And, yeah, everything is hot swappable on VAX. Those machines also cost 6+ figures, and often require a service contract that includes a permanent on site tech.