If i using the bitWrite function, the output will hold until i set it to OFF?
or i need delay and interrupt timer functiona also?
You would not be using bitWrite function to change an output, you would be using it to turn the 4 inputs into a number between 0 and 15. The next part of the code would then switch on or off an output based on that number. Yes, as mentioned above, outputs do not change until the code changes them again, or the Arduino is reset or power is disconnected. You will not need timer or interrupt functions, unless there is some requirement you have not told us about yet. But the coding details are not important now. You should focus on the circuit design.
Do you have enough pins on the Uno? 16 outputs, 4 address inputs, plus, I assume, a data input and a latch/enable input. That's 22 in total. Does an Uno have enough?