Few people mentioned a while back, as long as you verified ledger live the first time you installed it on your windows computer, that is enough. Any future updates you do when clicking on download updates after opening ledger live is safe. That is still true though right?
It's possible that Ledger Live automatically downloads and verifies the updates, yes. Can't verify as I don't use it.
Okay but how long should one wait once ledger live has an update? The latest update seem to be 2.46.2 and that was just recent. So if I wait a few days, there might be a 2.46.3. So how long do you wait till other users say okay no issue with it and then you download it?
Any software, you should update as soon as the update drops. That's what they're for. They are tested before release to the public (if the company writing the software has any competence, that is). Nobody (serious) tests in production.
Also there is no issue at all continuing to use ledger live whether sending or receiving coins while using an older ledger live correct? I didn't update ledger live since 2.42.0 because almost every single update after this, I heard people said there were issues with the balance not displaying correctly. So is this one correct?
I can't say for sure, but try it out - if it works, it works, right. Don't see a reason why it should stop working; I'd be mostly concerned about security issues, but you can also just read release notes to know
exactly what the versions 2.42+ have added.
Here's a page with the releases and their release notes:
https://github.com/LedgerHQ/ledger-live/releases