Hello, I'm using baritone for a big project and I find it tedious to swap between pickaxes from time to time to save them(since they have mending), so I started looking through settings and I came across itemSaver, which is not currently in 1.12.2. So my question is, will 1.12.2 receive more updates?

No, Mojang is not updating the 1.12.2 version of the game.