It will over-write your existing Android version and should not take up more user space (this space is already reserved for the operating system, it usually is from 512MB to 4GB of reserved space, regardless if it is all used or not, and it is not accessible to you as a user).

Does software update consume storage?

If the updated file is larger in size i.e it has more new things and features, then yes it will consume phone memory.

Is Software Update good for Android?

Shrey Garg, an Android developer from Pune, says that in certain cases phones do get slow after software updates. … While we as consumers update our phones (to get the most out of the hardware) and expect better performance from our phones, we end up slowing our phones.