I'd definitely recommend updating, a lot of the changes were based on your feedback and surely you'd like to see it implemented? :)
Since you're playing on the GMS2 version (if my analysis of the footage is correct) there should be no need to move files around, just downloading the 1.0.5 version is all you'll need to do. The save file folder is the same and there's no difference in formats or anything. (You don't even need to put the game in the same location as the 1.0.4 executable)