You don't need to update, however, 7.3.1+ is strongly recommended for dedup.
It has to do with the dedup metadata, which was stored in the volume in 7.2, and so took up space in every snapshot you make, drastically reducing the effective dedup rates.
Since 7.3.x (I think it is 7.3.1) the dedup metadata is stored in the aggregate and doesn't get caught in any volume snapshots. You need a bit mor pace in the aggregate though.
I would also suggest upgrading to 7.3.x generally because 7.2.4L1 was one of the first OS releases for the 2020 (all *L releases are kinda "special") and a lot has changed/improved since then.
-Michael