I hope you are well today and thank you for your question.
You can do it both way however you want.
You can download latest theme version by clicking on the below button.
Please login to access this file
You can update it by either deleting existing theme and then install latest theme version of it or use the following plugin to update the theme.
After activating the above plugin just install the downloaded theme on your site.
You won’t lose your site content after updating the theme but for safer side you can take backup of your site before updating the theme.
@Worldfutureshift You will have theme updates forever.
If you have further questions then to help us keep support thread separates could you please create your own thread for your question instead of replying on others thread as it makes the thread messy and hard to read.
If you want to you can also add reference of this thread in your newly created thread.
We would be more than happy to help you on your new thread.