If you're using Fusion for education, this feature will work differently for you. Scroll down to Update components in an assembly (Fusion for education) to find out how.
Use Get Latest, Get Latest Version, and Update External References to update distributed designs in an assembly in Fusion.
To update the active design:
In the Browser, right-click the default component that is out-of-date.
Select Get Latest.
The active design updates to reflect the most recent changes, ignoring any Versions.
To update an external component:
In the Browser, right-click the external component that is out-of-date.
Select Get Latest.
The external component updates to reflect the most recent changes, ignoring any Versions.
Update an individual external component that is out-of-date to its latest Version.
Update all external components that are out-of-date in the assembly:
In the Browser, right-click the default component.
Select Update External References.
Each external component that is out-of-date updates to the latest Version, if one exists. Otherwise, it updates to the latest non-version change.
Use Get All Latest, Get Latest Version, and Update External References to update distributed designs in an assembly in Fusion for education.

Use Get All Latest to update:
In the Application bar, click the Out-Of-Date icon
.
To update the active design to the latest version:
In the Browser, right-click the default component, then select Get Latest Version.
The active design updates to the latest version that exists, ignoring any milestone versions.
To update an external component to the latest version:
In the Browser, right-click an external component that is out-of-date, then select Get Latest Version.
The external component updates to the latest version, ignoring any milestone versions.
Update the active design and all external components that are out-of-date in the assembly to their latest versions.
In the Browser, right-click the default component that is out-of-date.
Select Get All Latest Versions.
The active design updates to the latest version that exists, ignoring any milestone versions. Each external component that is out-of-date updates to the latest version that exists, ignoring any milestone versions.
Update an individual external component that is out-of-date to its latest milestone version.
In the Browser, right-click the external component that is out-of-date.
Select Get Latest Milestone Version.
The external component updates to the latest milestone version.
Update all external components that are out-of-date in the assembly.
In the Browser, right-click the default component.
Select Update External References.
Each external component that is out-of-date updates to the latest milestone version, if one exists. Otherwise, it updates to the latest non-milestone version.