Rejuvenation - double rejuvenation of papaya tree is once too much

Rejuvenation exagerated. There is no benefit in cutting a papaya tree twice like we see here in the photo. Cutting a stem creates a rejuvenation of the tree and produces several new side branches of the main stem. Too much rejuvenation leads to weakening the entire tree and to loss of harvest. Once cut above ground and then much higher one more times - the stems are getting too weak and the fruits hence too small, the harvest too little.
Papaya trees may be cut once if you love to do so. But keeping in mind that new seeds may already bear fruits 9 months later, it is better to plan new young trees to grow early enough to have continuous harvest of papaya fruits.
Change location each time - and replace an old papaya tree with a different plant.
With the short but fast growing life cycle in mind there might be other use for papaya trees. Imaging you plant young trees that grow slow but need some shadow during the first few years to protect from drought. Papaya trees grow within months to give shelter to other baby trees and a few year later they can easily be replaced as soon as they outgrow your reach to safely harvest fruits.
Papaya trees are weak and in no way suitable for climbing up to harvest!