Does my 2014 MacBook Pro need the latest apple security update?

Hi,

If Software Update offers you a Security or other Update, such as Safari, install it. IIRC, that Security Update was only for Monterey, and a 2014 MBP can't run Monterey, so you won't have a Security Update, however, there was also a Safari update for Catalina and Big Sur and if you're running one of those, you should run that Update. If you're not running Catalina or Big Sur, you should consider upgrading to one of them as earlier OSes are not receiving updates.