It shouldn’t do if you are referring to the machine registered under the My Installs page in My account in Office 365. It should update. If it doesn’t for any reason you can simply go in to My Installs, deactivate and then reactivate after when opening up Office. This will refresh it.
Even though the upgrade is an in place upgrade through the Windows store take the usual precautions I.e. move personal files into OneDrive for Business and Keep Apps when performing the upgrade.
Hope that answers your question
Best, Chris
