Because the Update Switch still appears to be a mystery to some, I’ve made it even simpler.
If you’re updating from a previous version, you will now always get “HUD + gear” by default. That means, you need to run setup again (since the gear is a new version), and activate any plugins you have. You will no longer get the option for “HUD only” (which was the source of confusion – you can’t update to a newer version if the HUD doesn’t contain the gear!).
Now you will only get the option for “HUD only” if you click the switch and the cuffs you are wearing are already the latest version. Choosing “HUD only” will allow you to skip the setup/activation process by transferring your existing gear into a blank HUD.
For more info, see this.