hello, first, I’m on pc, but for update’s I think there is no big difference…
I’m no specialist, but I think for the first update you’re right, no skipping 
the other update’s in content manager are tweeks and update’s they made on previous world update’s and base sim, like little (?) changes on airports, planes etc… depending on what you originally installed, you can chose to install update or not… these updates are in background, I suppose you have no problem flying while in progress.
given you only run MSFS you should not have a problem of storage on your system…