I have held on to Windows 7, to about the end of the year

I have a few concerns on Windows 7, and Windows 7 Home Premium.
I have a DVD with this operating system, 32-bit, and a valid licence code.
If I decide to wipe clean my laptop with this operating system, and re-install the same system from my disk and valid licence code, would Microsoft sort of "invalid" this, as Windows 7 is not "in their books" anymore. What would happen?

Another question, would all the security updates to January 2020, when they stopped would automatically come back, or you have to manually re-load them off the Microsoft Update Catalog.

I would like someone to answer both these concerns.