Composer update vs Magento upgrade: what store owners need to know
A simple explanation of composer update, Magento patch-level updates and version upgrades for non-technical Magento stakeholders.
Composer is the dependency manager, not the whole plan
Composer decides which package versions can be installed together. It does not know whether your checkout still works, whether your theme override is stale or whether a third-party module behaves correctly on the new Magento version.
Patch-level update
A patch-level update usually means moving within the same minor branch, for example 2.4.7-p1 to 2.4.7-p3. These are normally lower risk, but still need staging and regression testing.
Minor or major upgrade
A minor or major upgrade changes more of the platform. Expect compatibility checks, extension replacements, PHP and search version changes, and a more formal cutover plan.