Yes, players develop the most during the first three full seasons. After that most players do not improve much more than a point or two here or there.
I find that High School draftees tend to have the best chance at "extra development" past their third season.
I think Galarraga is done. He may still gain a point here and a point there over the next few seasons, but essentially done.
Rivers should have 2 more seasons to develop. My only concern would be his 42 Makeup, but he seems to have developed pretty well during his first full season.