Updated and renovated are not the same word
An update is a finish. New paint, new counters, refaced cabinets, new flooring, new light fixtures. Real money, but the smallest money in the building, and the money that buys the most visible change.
A renovation touches systems. New wiring, new supply plumbing, a new panel, a new furnace. That work is largely invisible when it is finished, which is exactly why a listing rarely leads with it.
A flip is the sharpest version of this
A house bought, finished and resold quickly has every incentive to spend on the visible half. The kitchen is new and the panel is untouched, because a buyer walks into the kitchen and nobody opens the panel.
The check is simple and it takes ten seconds. Open the panel door and look at the label, then look at the pipe where it comes through the basement wall. New finishes above original wiring is a specific and common pattern, and it is worth knowing which one you are buying.
The question to ask
"Updated throughout" invites one follow up, and it is worth asking exactly this way: which of the updates required a permit?
A panel change, a service upgrade and a repipe all do. Paint and flooring do not. The answer sorts the listing into its two halves faster than any other question, and a seller who did the work properly is usually pleased to be asked.