Updating components gives scary warning message

Hi - I see the little notification that there are updates available, and when I click ok to update them, I get this ominous message:

This alone doesn’t tell me what’s about to happen. I have modified components, but I don’t know which ones - and I don’t want those to be lost.

So question is, what does this mean, and how do I accept these updates and not lose my changes?

Thanks

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