BuddyPress.org

I read that there are at least two ways to edit buddypress templates (i.e. Member activity page):

1-copy parent theme’s buddypress folder into child theme and edit the templates in child theme directory
2-use hooks to hook into the templates and add content

I recently used method 1 and was able to edit profile pages/group pages without much issue. But, how does updating the plugin/theme work? If I update the theme/buddypress, will my child theme containing it’s own buddypress folder receive the benefits of the new updates? What’s the best way to receive the benefits of updates while utilizing method 1 (pasting buddypress directory into child theme)?

Thanks in advance.