Will installing the new safe to fly firmware restrict my altitude?

Currently I have not updated the firmware that is offered as I connect to my drone because I was concerned it would reduce the max altitude below the 500 m limit currently in place.

Even after reading the descriptions of the DJI Geo – fence software I’m unclear if  The altitude is also included

Hello. Are you referring to updating the firmware of your aircraft? If yes, it is recommended to update the firmware so that it will enhance the feature of your aircraft. And also, when it comes to fly-safe that would depend on the location that you are trying to fly. There are some locations that would limit the altitude due to restrictions. But updating the firmware of your would not affect the altitude.

I think you might would get the best answers if you first of all edit #1 to reflect what model you're asking about as it now is placed in the "Videos & Photos" section.
Also write both the model and current firmware versions in the post would be helpful for other to give the right advice.

The usual answer that would match it all is: If it is working for you now, don't upgrade anything.

Altitude limits in new firmware are the same as in old firmware.
No firmware has ever had new lower altitude limits.
Updating will reset some settings to default values, including altitude = 400ft but you can change that as required.