I still think the mechanism you are describing is not the principle cause of pain in osteoarthritis. Most patients with OA describe pain with activity that is improved with rest. They rarely have nocturnal symptoms, so much so that the presence of such is classically considered a "red flag" that there is a seperate acute process going on. (I realize I wrote the "joint damage" is not primarily due to inflammation. I meant to say "joint pain" as not due to inflammation in my prior post.)
Thus, I'd argue the pain is primarily the result of anatomic distortions within the joint, and that the role of inflammation for causing pain is minor. Otherwise, one would expect the pain to be more profound at rest and less influenced by activity. Also, one would expect NSAIDS to be far superior to Acetominophen if OA where primarily an inflammatory process. But studies show NSAIDS are only modestly better, and most experts contend acetominophen should be first line therapy.
I don't disagree that some joint remodeling occurs, and this occurs via an inflammatory process, I just think that the role of this inflammation in causing pain is very minor. Also, this inflammatory remodeling process probably is not continuous, but rather it occurs in phases. (There is plenty of evidence to support this claim). I suppose one could make the argument that we should then inject steroids during painful "flares" (assuming others causes have been ruled out), in order to have a disease modifying effect. But I'm not sure how reliably a Family Physician (myself included) can clinically detect these inflammatory "flares" based on findings in the office.
I think the results we see in our patients with these injections would be less dramatic if we did not mix the steroid with anaesthetics. As far as what the clinical implications would be for twice monthly injections, as per the question posed by the OP, I think they are mostly unknown. But keep in mind anytime you enter a joint with a needle, you are potentially introducing infection. And routine twice monthly intra-articular injections, in the same patient, definitely exceeds what most would consider usual practice among FP's and Rheumatologists.