Adding a new block version
If a new version of a particular block has been released, you’ll see an Block Update Available notification at the bottom of your block settings sidebar (as shown below). Using this functionality, you can update your block to its latest version with a single click, preserving all the stylings and configurations.
Block update notification

Update pop-up with changelog
Note that there might be cases (of which you’ll be notified in block settings) when the Update Block option won’t be available and you’ll need to remove the block and add it again, redoing the block setup.

Manual block update notification