The only thing you need while updating is to replace those files
qt - Folder
rpcs3.exe
Qt5Core.dll
Qt5Gui.dll
Qt5Network.dll
Qt5Qml.dll
Qt5Widgets.dll
OpenAL32.dll
Qt5WinExtras.dll
I have been updating rpcs3 like this at least 50 times and everything works fine
If you start moving folders to a new location,you will get some problems(which can be fixed but it's annoying)