I'm guessing the "Everything is up to date" in the Status screen refers to core issue things like the program itself, and the virus definitions, and not to a non core item like software updates.
Let's face it, the number of programs included in the list of software in the software update tool is small compared to what is commonly in use, and don't include many that could represent security threats if they were not kept up to date. (my comment here refers to the free version - I don't know whether the list of programs in the paid versions can be added to by the user)