I have Customised Schema Lite

I am using schema lite theme and I changed my theme color and some other customization. So if I update schema lite, it will change all of my customized settings.

No! These settings will not change even if you update the theme.

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Try using Child Themes. Read more about Child Theme

If i don’t update my theme, is it effect on my site ranking?

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Not updating any theme / plugins may result slow speed of your.
Try to keep everything uptodate means update.