As a general rule, when it comes to chipset drivers, if you have working ones, you likely don't need to upgrade them. Usually when the chipset drivers are updated, it's to add additional compatibility to new devices that are added to the same chipset, such as USB3 support being added to a certain motherboard chips, but if you only have USB2 ports, then this added driver would be unnecessary.
That said, I've seen MANY cases where the chipset drivers were not correct to begin with and even though many of the systems seem to work fine, there are things underlying the obvious stuff that really is using fall-back drivers built into Windows or something. We're talking about things like the bridge from memory to CPU and other less obvious.
Video drivers are a slightly different case as new version often bring performance increases. they also often bring problems! Definitely either have an image of your system or some other way to fall back.
Regarding BIOS updates: I agree with the opinion that you generally don't need to update the BIOS unless you ahsve a good reason to do it. An example is for additional CPU support, such as an i7 being supported in a motherboard that previously only supported an i5, for instance. In this case, if you are sticking with the same CPU, there would be no benefit to this new chipset driver. Most of the time, if you don't have a specific reason to update your BIOS, you probably don't need to.
Remember that there is ALWAYS a chance when updating something like your BIOS of "bricking" your entire system - i.e. it might never boot again. Most newer BIOSs have protection against this and ways to recover where older BIOSs had no way to go back. Just be sure you have the EXACT update you need for your model of motherboard and certainly don't do this willy-nilly or especially at a time when you need your computer to do a project due to the risks. The optimal time to do something like a BIOS update is when you are building your machine, not when you are looking for a performance boost or something, which you probably won't get from a BIOS change.
Hope this helps.