The update resolves a use-after-free vulnerability (CVE-2016-7855) that could lead to code execution. Updating as soon as possible as highly recommended as Adobe said it's aware of an exploit that exists in the wild, and is being used in limited, targeted attacks on systems running Windows 7, Windows 8.1 and Windows 10.
It would be better if we could get rid of Flash entirely but sadly there are still a lot of sites and tools that require Flash.