In the general case the answer is “No, an updated BIOS will not help with increasing maximum RAM or VM”.

How do I allow more RAM to BIOS?

Look for the “Settings” or “Hardware” menu and click on it. Review the amount of RAM listed in the computer’s BIOS. Make sure that the amount of memory reflects your recent upgrade. Press the appropriate key to save the BIOS settings and exit.

Can BIOS update fix RAM?

BIOS update may improve ram compatibility. Upgrade ram first, then check, if everything is working properly. If issues are encountered, consider updating BIOS also.