No, you'll need to download the new update, it's a separate file. You can delete any previous versions of the game you have, your saves and CG unlocks won't be affected and can still be loaded in the new version.
Viewing post in Day Two, Part 2 - Public Release comments
Saves and persistent data like what CGs you've unlocked are stored in a separate area of your computer than the game itself. As long as you don't go into that separate folder to delete the saves, you can open them in new versions of the game when those versions are released. So it's okay to completely delete the folders that contain version 0.1.3 or earlier and then just open version 0.1.4.