So I have a question - since this is my first time ever playing - if/when update 1.5 comes out - will I lose my 1.4 game? Or will I still have access to it but it'll have 1.5 capabilities instead of the 1.4?
You'll keep all the progress of your 1.4 save, with the addition of the 1.5 features. As it happens I just opened my first 1.3 save in 1.4 this evening and it smoothly triggered the pending 1.4 features (new Secret Notes, Trash Bear, Jukebox+recipe, etc.).
yeah, all of your progress stays, can confirm since i've had some of my files since the earlier updates. if there are some early-game updates though, you'll probably wake up to a few cutscenes on the spot hahahaha
the only thing to keep an eye out for is if there's a new farm type, you do have to make a new save to experience it