Here's a breakdown of each hotfix. Your decision to upgrade depends on your particular company's needs:

9.3.1
*This a minor release to resolve the possibility of struts security vulnerability in the application.

9.3.2
*Fix for auto renewal of concurrent license when user load is more than 300 users.

(Customer reported an isssue where ten minute auto renewal is creating too much load on APLS to be able a provide a license(new or renewed license) to the client. To resolve the issue, a workaroud to increase the interval for auto renewal of licenses by default to 50 minutes is made at AutoPass License Server side.)

9.3.3
*Fix to resolve the server responsiveness issue in reservation setup, where the reservation configuration involved more than 15 pools.

9.3.4
*Fix to resolve the server responsiveness issue in redundancy, when the reports were downloaded.

Reference: https://marketplace.microfocus.com/itom/content/autopass-license-server