Then for something high performance like an NVM.e SSD, you could potentially gain a lot of performance, or lose it, depending on the manufacturer's goals for stability vs speed.
After a couple of decades of updating firmware on things whenever possible (including my car which had me leave the engine running sitting in the car with the window down for 2 hours in the winter), I'm yet to have a real issue.
That said, I also have the tools and skills to dump flash chips and would suggest doing that to anyone before an update of certain devices, or, you know, just don't do it, as you suggest.