If you need to access Java content on websites, you should install the update and also the Oracle JRE. Be aware that there are known vulnerabilities in Java, and probably others that aren't yet known. No version of Java should be considered trustworthy. Use it only when necessary, and only on sites that you can trust.
If your are a Java Developer, and there are many of us. You very well need to switch JVMs (JDKs) for development.
The Oracle Control feature for Mac does not give you options to add or switch JVMs.
The Apple Java Preferences Utility that has been removed did this very nicely previously.
I do not recommend any developer to install this update despite the security issues. Taking out the utility without a clear alternative is a disservice.