Same behavior… Today received Mail from Themeforest with the Enfold update information.
Updates for the Enfold Theme were not available in WordPress or in the theme options.

In reply to your question, if the update is necessary… I would recommend the update in case of security improvements and a bugfix.

Dec. 21st, 2022 – Version 5.3.1.1
security improvements: prevent changes to portfolio permalinks by non authenticated users
security improvements: added user capability check for sidebar operations
security improvements: added user capability check for various ajax requests

fixed: YOAST fatal error explode() must be of type string array given (config-wordpress-seo/config.php:230)

Link to the changelog:
https://themeforest.net/item/enfold-responsive-multipurpose-theme/4519990#item-description__changelog