... play them live for years to gauge crowd reactions ...
I wish that part was still a reality for me.

(I miss playing live.)
It does make me wonder about how much I would factor in crowd reactions, though. For the most part, they're good at spotting the good parts, but there are also so many "crowd pleaser" things that can mislead about what the good parts actually are. For example, if a singer holds a note for a really long time, the crowd will go nuts. But on a recording, it's not remarkable. Or there are all sorts of guitar tricks that crowds love, but ... not so amazing on a recording.
Also, a crowd can't really get into the lyrics as well, and unless it's a coffee house situation with a solo acoustic guitar and singer, they probably can't even hear the lyrics.
I don't mean to overstate that, it's just that in my way of thinking, the recording dictates how it's played live, rather than the other way around.
Anyway, that (long) tangent aside, my first reaction was that I record songs right away. In fact, the recording process is ofter part of the writing. But then I realized ... I have a whole bunch of songs in my head I've never recorded! So I guess I
don't record everything right away.
In my own case, I think cost is the biggest snag, where I have to bring in a real singer. (Certainly not me!) So that raises the stakes, so I tend to be in the mindset of, "
Well, it's not quite perfect yet," so I never do get around to committing.