Not sure what you mean by "doesn't seem to do much", but BIOS updates should always be installed unless they are brand new beta versions. Older beta versions that have not been superseded and have been available for a long period of time should be considered stable releases that just never got upgraded to full versions due to neglect by the OEM. For any BIOS release there may be other changes to the firmware aside from the primary, short description, offered next to the update description and in some cases can be important factors.
I can't fully express how many times I've seen unexplainable CPU related issues, and all kinds of issues really, that simply disappeared after updating the bios. Clearly that's not EVERY case, and it might...