You know I'm a person that absolutely loves hacking out their consoles to get the most out of them. I loved the 3DS scene and using freeshop to get everything I wanted. I also love being able to emulate old consoles on my handhelds and have a jukebox of classic games on it, but I believe it's gotten to the point where we have such an abundance of devices and the annoyance level of hacking now is at an all time high with Nintendo beefing up security that it's just not worth it anymore.
Quite honestly what is the absolute most you'll ever get to do with your Switch if hacked? A)Emulators, B)Pirate games, and C)Surf the net, etc.
For point A you have a PLETHORA of older devices that are cheaper and can be hacked. PSP, PSV, DS, 3DS, and the list goes on
For point B, sure it would be great to try every game, but how much money are you really saving when the average game takes forever to beat. I have such a long log to still go through. Most indie games are like $15, and for the rest just wait til they're on sale. NES games are a moot point with everything else.
For point C you have your smartphone and if you reallllllllly wanted a portable device to surf the net you can always buy a cheap tablet. Amazon sells them cheap and they'll do a better job than a Switch. You'd be able to install Kodi, Netflix, etc on a tablet. On a Switch who knows if that would break anything.
So in conclusion I say update and enjoy your console. You're not missing a ton in hindsight otherwise.