This security and maintenance release features 17 bug fixes in addition to 7 security fixes. Because this is a security release, it is recommended that you update your sites immediately. All versions since WordPress 3.7 have also been updated.
WordPress 5.4.1 is a short-cycle maintenance release. The next major release will be version 5.5.
While WordPress.org already started automatic background updates that do not require you to do anything, it may take some time for them to get to your website. If it does not update automatically today, either do it yourself (and don’t forget to make a full backup first!) or contact Dusk Owl for help.