So does the new version need to be downloaded or will the pre-existing update on its own?
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No, not really. WIN version has huge exe file inside (its auto installer).
Universal version should have already pre-installed batch of files inside, if you unpack it, you should see inside Jar, exe and bat files. All three should be able to lauch the game.
How is your game folder looks like after unpacking, can you attach a screenshot?
The game folder was empty. When I unpacked the zip file, it scattered everything throughout my computer's downloads folder. I had to create a folder and collect everything in to it. That was the universal version.
The WIN version only had the three xml files I mentioned before.
But it is working now anyways.