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Windows Server 2008 and Windows Server 2008 R2, based on the Microsoft Vista codebase, is the last 32-bit server operating system released by Microsoft. It has a number of versions, including including Foundation, Standard, Enterprise, Datacenter, Web, HPC Server, Itanium and Storage; new features included server core installation and Hyper-V.
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https://www.experts-exchange.com/questions/27378073/Sharepoint-schema-issue-after-security-update.html
You will encounter some downtime, as IIS will be restarted, and the databases will be upgraded, so do this off hours, so you don't affect business users.
Your farm should be fine afterwards as this is a standard procedure.