I have had the P3 a few months and never upgraded... firmware is 1.1.9. and the App is 2.1.0 (may be the latest as I just refreshed all my apps).

Have'nt been flying much due to work but I just powered up everything and the screen warns me I need battery, RC, Camera and Aircraft all upgrading. I intend to use the P3 for the next 2 weeks almost daily.

Is it time for me to upgrade to latest versions?

Don't you think?

Completely up to you. l'm using older FW and the old Pilot app because it works well. But that's me.
lf you see no need to update then don't. lf you want to update then do Although if the new "refreshed" app is the GO app it might be meant to function with the latest FW, that part l don't know.

You should definitely upgrade to the latest firmware, it's very solid. But, based on your schedule for the next two weeks, you may want to hold off updating unless your flying can include the time to upgrade, configure and test the P3. Going from 1.1.9 and the Pilot App, to 1.3.20 and the GO app are significant upgrades. DJI has added a lot to both the firmware and the app. There are numerous articles covering the upgrade process and lessons learned; along with requirements to re-check your configurations, perform imu calibration, compass calibration & perhaps gimbal calibration. I'd recommend a conservative post-upgrade flight check plan to test the upgrade to ensure your P3 is functioning well with the new upgrade. The new firmware does allow downgrade if you desire, but make sure you have the Pilot App archived somewhere if you need to uninstall and roll back to the Pilot App.

If you do upgrade, be sure you do a complete calibration, including COLD IMU and gimbal.  One of the things the later FW updates did introduce extended warmup problems for a lot of people.  Doing a cold IMU cal takes care of the delay and it is ready to fly almost immediately - at least it did for me and many others I've read of.