Question…will updating the FW wipe out the remote settings?
The remote has nothing to do with it. If you mean the profiles, then yes they are wiped. However, you can use the website linked in this thread to (manually) create a profiles backup for the new fw. https://videogameperfection.com/forums/topic/profile-settings-web-app/
EDIT: I did see now on shmups that some people using universal remotes had to reprogram the buttons. Didn’t know it worked that way, sorry.