It looks like whenever I choose this option, it updates all the libraries if available. Am i correct? How can I make the IDE to check for updates for both the board and the libraries?
bbqq: What does Sketch->Include Library->Manage Libraries do?
It opens Library Manager.
bbqq: It looks like whenever I choose this option, it updates all the libraries if available. Am i correct?
No, it doesn't update the libraries automatically but it does allow you to check which of your installed libraries have updates available by selecting "Updatable" from the Type dropdown menu. Then you can update any library on that list if you want. The other use of Library Manager is to install libraries. There is a large selection of 3rd party libraries available sorted into categories and that can be searched. Once you find a library you want you only need to click on the library entry and then "Install". Although a lot of libraries have been added there are still many others that have not so if you don't find the library you need in Library Manager you should also try using a web search engine and then download and install the library using one of the old methods.