Daniel here, thanks for confirming.
Normally, there will be update notification for our Evolve theme like you got with WordPress stock themes TwentySixteen.
We would suggest keeping your copy of theme up to date to have the latest fixes. And normally, theme settings or configurations state will not be replaced by updates. However, you can have settings backup under Dashboard > Appearance > Theme Options > IMPORT/EXPORT just to be safe.
Let me know how it goes, thanks!