Yes. You get an additional subfolder in your "expansions" folder, called "live", which will be updated on every startup of YGOPro. Any file in that folder will take priority over the files in your main installation. You can disable the instant update in your config files, also on some operating systems, it might not work.
As of right now, there is no indication, if and when new updates are applied on your end, but that might be added in the future. Unlike Salvation, it doesn't take a lot of time, though, it happens almost instantly.