I have a license for Intel® Parallel Studio XE 2017 Update 1 Composer Edition for Fortran Windows which I am
quite happy with.
Apparently my license qualifies me to be offered an Update 1 for the Cluster edition.
Do I really need this? What does it offer that Parallel Studio doesn't? Should I download and install it?
See the chart at the bottom of https://software.intel.com/en-us/intel-parallel-studio-xe/details
If your license really is for the Cluster Edition, the tools that are part of the intermediate Professional Edition, Inspector XE, Advisor XE and VTune Amplifier XE, are very useful.
However - you have only an Evaluation license for the Cluster Edition - your regular license is for the Composer Edition. Therefore, I recommend that you stick with Composer Edition.