You should always have the latest version of the extension installed because in every new version of the extension there are new functions and more important, there are bug-fixes. Also, sometimes data provides (such as Instagram, Facebook, YouTube, etc...) change their code and some functions may become unavailable and even all extension functionality may be broken. In that case i issue the new version of the extension which is compatible with the new changes. So if you will not update the extension - it will not work.
How to check if there is a new version of the extension you can read here: How to check if there is a new version of the extension
