No, IdentityNow administrators do not have the option to choose how often updates to their tenant occur. SailPoint operates a multi-tenant SaaS model, where updates are rolled out centrally by SailPoint on a predefined schedule. SailPoint controls and manages updates to ensure consistency and security across all tenants. This means that all tenants receive updates automatically as part of SailPoint's continuous delivery model, without the ability for individual admins to control or delay updates.
Reference:
SailPoint IdentityNow SaaS Release Management Guide.
SailPoint IdentityNow Multi-Tenant Environment Overview.