Only if it contains an update newer than the one you are running. If you don't want to update, you need to softmod (if you haven't already) and install a program capable of blocking disc updates such as Preloader or StartPatch. there are a couple others that do this as well.
Mairo & Sonic @ The Winter Olympic Games has an 4.1 Update as well.
I don't want to update because I think it will screw up my softmodded Wii and uninstall the Homebrew Channel.
It's easy to be on 4.2 and use usb loaders/triiforce without any problems whatsoever.
The advantage is you don't have to mess with anything that will affect the booting of your system.
priiloader/cioscorp allow you to run backups from the disc channel without having to update, but they carry a much higher risk than updating your boot2 using an official update.
Obviously you shouldn't update until it's known to be safe, but 4.2 has been out for ages and everyone knows the problems.
Before updating to 4.2 you should check your console isn't region hacked from korea. On those you need to delete the korean key from the eeprom first.
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