Just looked online about it and you are correct, which means I don't have to click on the Arrow right there when it appears, especially when it is at an inconvenient time.
This is the info Google gives:
"Get a Chrome update when available.
Normally updates happen in the background when you close and reopen your computer's browser. But if you haven't closed your browser in a while, you might see a pending update:
If an update is pending, the icon will be colored:
Green: An update was released less than 2 days ago.
Orange: An update was released about 4 days ago.
Red: An update was released at least a week ago."
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