I demonstrate the two ways plugins can be updated inside your WP Admin.
There is no upside to not keeping your plugins up-to-date. In fact, quite the contrary. Letting your plugins get out-of-date could present a security risk to your site.
Like all WP software, there are 2 types of updates. A 3 digit update, such as 6.7.3 indicates the update involves a security patch or a bug fix. A 2 digit update, such as 2.1 indicates a change in plugin features.
Remember to always keep a current backup of your site available just in the rare instance there is a problem.