You should always be on the latest as it includes security updates. No need t wait,
CU21 will actually be last the 2016 CU:
https://techcommunity.microsoft.com/t5/exchange-team-blog/exchange-server-2016-and-the-end-of-mainstream-support/ba-p/1574110
Every install is different, but CU19 has been out now for two months, which means Cu20 should be out soon. I would rather put Cu19 on now, then you can wait after that till CU21.
CU17 was released 8 months ago, I would upgrade.
Just be sure to follow the best practices:
https://practical365.com/exchange-server/installing-cumulative-updates-on-exchange-server-2016/
https://learn.microsoft.com/en-us/exchange/plan-and-deploy/install-cumulative-updates?view=exchserver-2019