We discussed this not too long ago.
Back then, I pointed out that a reboot is only really necessary if a kernel update is also pending. Colleagues, on the other hand, said you should always reboot.
We didn't reach a consensus. There doesn't seem to be a one-size-fits-all answer.
Everyone has to decide for themselves how they handle it.
But yes, you can definitely perform updates without a reboot. 😉