There is one known issue I remember regarding drive failure but not getting detected as an alert but this issue was fixed in GL220R005
"Event 8 Unknown Reason Drive failure does not create 314 event."
You can search the below link with the above content,
So yes it's always recommended to keep the system up to date in terms of firmware for all components of the system.
Coming to other query, I always recommend to do the firmware update in off-pick hours or in maintenance window in order to avaoid any unknown situation. Theoritically it's possible to do the firmware update anytime but in your case as system is running with old firmware so it's always suggested to do the firmware update in maintenance window. You should also check if you have other drive enclosure attached and any IO module needs update. Also you should check if drive require update as well. So all can be done together in single maintenance window.
Keep in mind that you need to fix the failed hardware issue first and then only you should go for firmware update.
Hope this helps!
Regards
Subhajit
I am an HPE employee
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