You'll find below the following text in section Version Numbers of the MS OpenType font file specification:
Implementations reading tables must include code to check version numbers so that, if and when the format and therefore the version number changes, older implementations will handle newer versions gracefully.
Suppose one has written a code to read an OpenType font file with version 1 and later on, the code is used to process the same font file, but with version 2. I just can't imagine how that could "gracefully" succeed, unless the above statement means that one has to update the code to the final version of the font file, before processing it.
You are mistaking "graceful" for "still parses the font file". The idea of the spec is that there are version numbers so that every parser explicitly checks the version number, continues parsing versions it knows how to parse, and properly reports and deterministically behaves on versions it does not know what to do with.
Graceful:
Not graceful:
There is zero expectation that a parser will be able to parse newer OpenType table formats, but it should absolutely deal with them in a graceful manner, checking whether versions match those that it knows how to work with, and reporting the inability to parse data that it has no parsing rules for, with a clean exit that allows consuming applications to do what they need to do.