Yes, if you are on current beta.
That's not for an update. The badge is telling you that there is a setting that your iOS system wants you to check.
Likely, it's for a reminder that Apple wants you to select Two Factor Authentication.
Or, just to check that you have that set for what you want.
So, look at your setting for TFA, turn it on, if you like - or look at your settings, then cancel. I think iOS will ask if you are sure that you don't want that option.
Anyway, that's likely why you have that badge on the Settings pane, and should go away after you decide what you want for TFA.