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*Answer* : The short answer is yes it is wise to do your updates… the longer detailed answer will include that software vendors for operating systems (OS) and Cell phone companies put a lot of time and effort into testing to ensure their products are of the “best” quality and not only do improvements and optimisations, but generally also patch new threats and vulnerabilities you may have not yet experienced on your device. This is to protect you from identity theft and risks which you may not properly understand or know about.
Your Phone is a sophisticated portable computer and bad people do there utmost to hack computers to get into your lives to see how they can exploit you if not now, in the near future.
When connecting to any network, cell phone network or wireless environment, which is unknown. (treat everything as unknown) You have no idea if it is secure or not, and this puts you and your computer / device at risk. Everywhere you take your exploited device can propagate the risk to others, making you part of the problem.
We try make some provision with Antivirus software, it is not perfect as it does work only on what it knows and slows your device down as it is constantly checking stuff. I think of antivirus software as ethical hacking. but basically we unconditionally allow them access onto our computers and “trust” them to perform as advertised (whatever that means). What if they are hacked? Now lets not get paranoid all at once.