Whether or not you get use from the CMS and Blogs depends on your community's needs. I added them to my site, but no one uses either. It's a math help site, and people are primarily interested in getting help with their coursework, and for that the forums alone work very well.
Upgrading from vB 4.2.3 to 4.2.5 shouldn't cause you any issues with the forum software itself, but of course making that backup is a great idea. The main advantage to using vB 4.2.5 is that it supports PHP 7, officially up to but not including PHP 7.2. In other words PHP 7.0.x and 7.1.x are supported.
If you upgrade your PHP, you may run into products that will need to be updated.
I recommend doing the update on a test installation first, to work out any issues, and once those are resolved then do it on your live site, to minimize any potential downtime.
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