It isn’t very necessary to update for each update. (If you don’t use WooCommerce, It is not very important to upgrade v2.3.1 – the latest version for now).
The normal update will not hurt the existed content(posts/pages/settings). I still suggest you make a backup, there is a backup tool on host cPanle normally. Or use a backup plugin like https://wordpress.org/plugins/duplicator/
But please notice there will be a big update version 3 in the future(1-2weeks). Please be careful to update. It will hurt the existed content. The above video guide is not fit this big update. We will offer the new update article and videos. Please always read update-log page or theme page(LOG) if you want to do update.
The Gravity Forms maybe is a form plugin, is it? >> https://www.gravityforms.com/
It is not bundled within our theme. I didn’t use this plugin.
Sorry, I cannot give you more suggestions about it.