Is your system performing normally with the F1 BIOS?
I would submit for consideration that, being new to Ryzen, OP might not really know what 'normal' is.
And ALL of us being new to B550 we too probably should wonder what it is. A case in point is me! I just updated BIOS on my B450 and found the new AGESA fixed a problem I was having with restarting my system immediately after a shutdown. It wouldn't, not ever since I'd upgraded to the 5700 Red Dragon. I just assumed that was a problem with the card and could live with it (just wait a few minutes before starting it back up). The new BIOS made it 'normal' but I would never have known that if I hadn't gone ahead and updated.
Perhaps it's sad and we should blame AMD, but the history of Zen and Promontory releases, whether new motherboards or CPU's, is peppered with AGESA updates that 'fix' things, some we didn't even know we needed fixed.
I think the best advice to OP is: if your system's running well, you're happy and you're not the adventurous sort you might put it off for now. Wait until the more adventurous have updated and can tell you if it helps them with any problems or improved performance. Also: read the board mfr's release notes with the BIOS to see if anything applies to you.