The update that is being installed is an update that allows the MacOS to recognize the newer iPhone versions. It is NOT a full OS update and it should in no way affect your other programs. If you read some of the associated articles they tell you to install the latest iTunes which should also install the driver update necessary to resolve the issue. I haven't tried that so I'm not sure if it will work.
As with all system updates, however, I would highly recommend that you run a Time Machine backup which will allow you to go back in the unlikely scenario where something stops working.