It's the same programme either way. The Updating refers to pricing. If you are eligible for the Update price you get it cheaper as an existing user compared to a new user.
The versions are separate installations. You can have both 14 and 17 installed. Note that in VEGAS terms the updates are free new builds of a version and upgrades are new numbered versions. As Eric says the special "(upgrade) pricing" is available to owners of a previous version (if that serial number has not yet been used to "upgrade").
You can "update" your v.14 to the last build e.g. here if you now have a build that is earlier than #270. (See Help menu > About > General.) If you "upgrade", test with the free trial first "to check compatibility with your system and to avoid disappointment in case you dislike any new features or restrictions".
The versions are separate installations. You can have both 14 and 17 installed. Note that in VEGAS terms updates are new builds of a version and upgrades are new numbered versions. As Eric says the special "upgrade pricing" is available to owners of a previous version (if that serial number has not yet been used to "upgrade").
You can "update" your v.14 to the last build e.g. here if you now have a build that is earlier than #270. (See Help menu > About > General.) If you "upgrade", test with the free trial first "to check compatibility with your system and to avoid disappointment in case you dislike any new features or restrictions".