Este phrasal verb diria que se usa a diario e incluso varias veces, puesto que su principal significado es “ponerse al día”.

Let’s catch up over the weekend

We need to catch up, please give me a call when you’re free.

Si queremos ponerle algo más detrás (una persona o algo) usaremos las siguientes preposiciones:

WITH + SOMEBODY :
It was a pleasure to catch up with everyone at the family reunion.

ON + SOMETHING:

You guys need to catch up on your homework.

Sources: Wordreference.com