OS X Updates: how necessary is it to do?

My reason for asking this: I found in the past, that doing this removes songs from my iTunes that were not purchased (that I extracted from some of my youtube uploads).
So, when I get the pop-up "OS X Updates Available", what is the purpose, and is it crucial to do it for the 'health' of my MBAir?
Thank you

Yes you should to be current with security.
They should not unless you have issue with the disk drive's directory.
Also why you should have one or two backups. I go for TimeMachine of course, and a full image of the system and any other disk volumes using Carbon Copy Cloner so I have everything, bootable backup and even offline backed up.

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