The easiest way to update is to use the GoPro app on your phone. The update should only take a minute or two to complete, depending on connectivity.
The update introduces a new feature that allows users to add custom preset name options. It also includes general user interface improvements, although GoPro has not provided specific details.
In addition, the update includes general bug fixes. The camera should run more smoothly after the update, and the ability to choose a custom name for a custom preset will be helpful for users who prefer to avoid automatic features.