The latest version of GeneratePress (the theme) is 22.214.171.124 – 1.3.0 is coming soon.
The latest version of GP Premium (the plugin) is 1.2.62, which was released today.
If you’re using a child theme, you’ll never have to update it, and you don’t have to worry about losing your functions or CSS. You’ll receive notifications to update the theme, but those updates won’t touch your child theme.
Let me know if this makes sense or not (it’s late!) 🙂