If you have no more testing not even PSA, the first time you had definite symptoms of prostate cancer it would be advanced and incurable, but with hormone treatment it could be held at bay for five to ten years. You would have the side effects of HT usually not bad, but possibly heart problems, weight gain, osteoporosis. So you may never develop cancer, but if you did, you would still live your natural lifespan, even if the last few years were sub optimal.
If you have annual PSA tests, yes there may be some false alarm biopsies, but it will be caught early and RT will almost certainly knock it out (probably six months HT). So you will then live your natural life cancer free.
I would seriously consider next PSA test in three years. You will save yourself a lot of pointless investigation. If you have cancer in three years (unlikely on your current form), statistically it is likely to be 18 months old, that would probably give you a 50% chance of being curable with RT, or manageable with HT. If all clear you can wait another three years.
Obviously there is some risk in this strategy, but the reward is not having endless pointless biopsies. I wouldn't dream of suggesting this strategy to someone under 70, but once your life expectancy is ten years the downside of getting it wrong is not too high.