The update view always available of drawing view, no matter what feature you have in modeling. The modeling have "rebuild all" and other update tools, but drawing have not. Only the way to update the view is "update view". The update view always available in drawing is just like the "rebuild all" is always available in modeling. Your concern about that is right, Inventor should be some judgment whether the view has recomputed. This my opinion, Thanks.
Guy Xing
Quality Assurance Engineer
Inventor Team
Autodesk, Inc.