1. Yes, you need to update your device with the October security patch because these and other major updates change your software version. This is important because new updates depend on the software version; otherwise, you will face vulnerabilities ...
But why are you checking? Are you not aware that One UI 7 isn't officially launched? Only a beta version is launched for the S24 series, not for everyone. One UI 7 will be released with the S25, and later other devices will get the update.