What if I don’t upgrade the wallet? Still I can use it, it's not like a mandatory upgrare.
So, what can be wrong if I don’t upgrade the wallet if they require it? Am I risking anything?
Safepal hardware wallet code is closed source coming from China, so you purchased a cat in a bag and you don't know what is contained in those new code updates.
You could probably use the wallet even without updates, but some critical updates may be mandatory for normal functioning of device, or you can have old firmware that have bugs.
In some of their previous firmware upgrades they added important security updates so it will be wise to stay up to date.
Check out detailed upgrade history on their website page:
https://docs.safepal.io/safepal-hardware-wallet/upgrade/upgrade-history