Does the "End of Service" Notification in Windows 11 22H2 Pro Require an Update?

The current system is Windows 11 22H2 Pro. I have received an "End of Service" notification (e.g., "This version of Windows is nearing its end of support date"). Clarification is needed: 1. Is it necessary to update immediately to a newer version (e.g., 23H2/24H2)? 2. If I decide not to update, can the system continue to operate normally long-term? If feasible, what specific security or functionality risks will I face?