Drupal: Upgrading Libraries and Backwards Compatibility with Existing Content

I posted the following comment in the Drupal module issue queue on drupal.org, but I thought I might also gain some traction here.  Apologies for the double posting!

First, let me say I am blown away by H5P and what I have demo'ed to various stakeholders, they too have been so. Thank you for everyone's efforts in the Drupal module and the software at large!

Context: We are going to set up the Drupal module on an enterprise site, add the H5P field to a custom block type that we will place H5P content in the Layout Builder. We are going to use the Editor Hub to allow our content creators/managers to create the H5P content right in Drupal rather than create h5p file elsewhere and upload it.

What I am trying to better understand is the relationship between keeping libraries up-to-date, existing content, and backwards compatibility. I saw a note on this here: https://h5p.org/documentation/setup/drupal8 where it says:

"Updating old content to new versions can change their appearance and functionality significantly, preserving old content through library upgrades is always one of the main focuses of a library developer. Be aware of possible versioning and content upgrades issues when letting users upload altered H5P libraries."

Let's say I:

• Created an Image Hotspot piece of content in our block that uses the H5P field and is placed on a page in the Layout Builder. Then, the library has an update.
• I update the library in the admin menu at /admin/content/h5p.
• First Question: Does that new library now apply to all Image Hotspot pieces of content? Or, does the existing Image Hotspot content use the old libraries when it was first created?
• Second Question: Will we ever need to recreate or resave, in this example, all the Image Hotspot content to basically unbreak or update content when there is a new library update for a H5P content type? I realize this is a bit of general question, but any clarification would be helpful from people's experiences. I am trying to anticipate if there is a situation where we basically have to resave or rebuild every individual piece of H5P content when we do a library update.

Thank you so much for any clarifications or pointers to threads or other documentation I might have missed.  I saw the thread for the Moodle plugin on this topic here: https://h5p.org/node/174487.  It seemed to suggest that libraries generally wont break content and you won't have to resave or rebuild individual pieces of H5P content.