1. For a clean install, both the boot.wim & install.wim images are required. For an in-place upgrade, only the install.wim is needed.
2. boot.wim contains a copy of WinPE, a subset of the Windows environment in order to host the Windows Setup client. WinPE is extremely limited in both size and functionality, and cannot run too many applications.
WinPE primarily exists to discover hardware devices, load drivers, optionally configure a network, format disks (if needed), and to extract the right install.wim to the target system disk. After Windows Setup is done extracting the install image to disk, it exits from WinPE and restarts into the live Windows image. WinPE is no longer used past the reboot.
3. While you can apply Updates to boot.wim, it's optional and generally not required. Adding required drivers to both images is often necessary for the install to recognize disk or USB controllers and the devices attached to them.
4. Optional Language Packs can be added to install.wim. Separately, a different set of language updates is available for boot.wim. The two sets of languages files are not interchangeable.
Most of the time you don't need to additional WinPE languages, unless you want the Setup client to support more than one language. Setup's language selections are not the same as the languages contained in the install image, it's only there for the user running the Setup client.
5. Monthly Updates don't need to be added to boot.wim, as it's only used once and then ignored. If you choose to install the Dynamic Update for install.wim, NTLite will silently patch boot.wim as required by the DU package.
6. Most Settings, Services or reg tweaks don't need to be applied to boot.wim. Again, WinPE exists solely to boot from the media, recognize HW devices and run Setup before exiting to the installed Windows. The major Settings which can be applied to boot.wim are those for bypassing HW requirements check, and changing the 24H2 Setup client to the legacy version.
You may see some users not following these rules, in regards to boot.wim. Does it hurt to apply unnecessary changes to boot.wim? No, but for the most part you're just wasting extra NTLite processing time on edits that won't help you install Windows any better.