[mothered]

As OP says, there's an exploit on old versions of Winrar so you absolutely should update it. The exploit was a big one (and widely known too) so it's very important to update it regardless of no new functionality.

Perhaps I should've been more clear with my post.

I was referring to updating WinRAR In general- without any known vulnerabilities. It's useless doing so.

Indeed, I have a newer version of Winrar on my laptop and the only visual difference are the icons.

I actually like the new appearance.

It's a somewhat significant change for the better.