Updating project dependencies - how to do it and whether to do it at all?

Question

Composer

There is a project on laravel-boilerplate.com - this is Laravel + a hodgepodge of additional dependencies
. Also, several third-party dependencies are tied up in the process. The

question is how to do it right, because you want to have the latest versions of dependencies, purely for reliability and reinsurance from possible bugs in the future.

1. How to update the project correctly? Are there any recommendations about this? It is clear that just in case, a backup of the entire directory with the code, but maybe something else, some kind of sequence of actions?

2. Is it worth doing it at all? How does your practice show regarding this kind of updates?