The primary purpose of v1.031 seems to be stability. Many users reported that this patch fixed:
Fixed occasional application errors that occurred when switching characters within the Capsule Corp Training facility. Dragon Ball Z Kakarot Update v1.031-CODEX
While not a major graphical overhaul, this patch refined: The primary purpose of v1
The update for Dragon Ball Z: Kakarot was a minor patch released shortly after the game's launch in January 2020. Update Contents this update is a godsend. However
, allowing hardware to push beyond standard frame rate caps while maintaining V-sync compatibility. Version 1.04 Patch Notes PlayStation4®/Xbox One/STEAM®
If you’ve been stuck on a glitched side quest or experiencing random crashes during the Buu Saga, this update is a godsend. However, if your game is running perfectly fine, you can safely skip it.