Immich 1.122, a self-hosted photo and video backup solution, introduces HDR video support, auto server URL switching, custom email templates, and more.
Just don't let it go too stale, I recommend updating it a few days or a week after a release gets made, since sometimes there are patches for important stuff released the next day or so after a minor one. That being said what I do is I have an RSS feed for their releases so I get a notification when a new release has been made and can check the changelog for important information, most of the times it's just bumping the version on the .env file.
You can, just put latest as the version. That's what I do for most other stuff. HOWEVER immich sometimes has breaking changes, so doing this is dangerous, I've broken my install twice because of it, and decided to switch to manual version and check the changelog, it's less work than using latest and fixing when things break.
There has been about 3 times where auto updating has broken immich for me. But I just go read the docs and there has always been notes on what you need to do to get it working again. 5 mins later its back up and running.
The app will complain if the server has an incompatible version. Have had it happen a few times, but usually two or three minor versions difference should be okay.