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CMake re-generates project files for your compiler. You should re-run it if there are some new/deleted files in the update.

Now, the really time-consuming part of the process is compilation. And this is something you have to do each time you update - unless how can the linker have the updated libraries?

But, unless you are fixing bugs in OpenCV, looking for a specific patch, or want to know the latest, bleeding-edge from OpenCV, you do not need to update and compile each day. It's a waste of time.

For most developers, the latest release version is just enough. So should it be for you.