You don't have to update your UEFI/BIOS, but if there's an update available I certainly would.
Whatever edition (Home, Pro, Enterprise, Educational) you have installed and activated previously for Windows 10 is what will reinstall on a completely clean install. The digital license is linked to the machine's motherboard.
You can, of course, upgrade from, say, Home to Pro either during the install process or afterward. The Windows 10 installation has the features for "higher editions" present, but not activated, even in a Windows 10 Home instance. That's why you can go to the Settings, Update & Security, Activation Pane and use the Change product key link to upgrade without reinstalling. After supplying the new product key it does the voodoo it needs to do under the hood to upgrade the edition. After that has occurred, it's that edition that will have a digital license linked to your motherboard, so if you ever do a completely clean reinstall in the future you'll get that edition by default.