Gensim's `Word2Vec` has a pretty strong assumption that the vocabulary & effective word-frequencies are each fixed during a training pass.
Even the support for adding to the vocabulary of a prior model, the `build_vocab(..., update=True)` option you mention, relies on a specific step that scans a new corpus, adding all new words at once, before proceeding with traditional training with the new stable vocabulary/frequencies.
Of course anything in the source can be changed, but it would require some pretty deep surgery to enable an update of vocabulary/frequencies with every new training text. It's hard for me to imagine situations where it'd be worth the extra complexity/overhead, compared to just waiting a little longer for a bigger batch of new texts to collect, and doing a smaller number of batch vocab-expansions – or even fresh full retrainings from the new larger corpus, to avoid risks of imbalance/overweighting with regard to later-seen texts.
- Gordon