I see that there are new versions of ASP.NET MVC and Web API
If a solution references these NuGet packages, will it automatically update them to these newer versions with options set thus:
?
No, you still need to go to the package manager, and check the updates section.
The setting here allow the project, when built for the first time, to go to nuget and fetch the dependant assemblies. For example, if a colleague was to get the solution for the repo for the first time, when they build, all the assemblies will be downloaded.
NOTE: Be careful when updating, I usually tend to do it in small bunches at a time and check the solution still runs / builds after each update.