The latest title update will have all previous title updates built in.
Title updates are updates for the game if their was a bug found after the games release. Title updates also help make new dlc for the game to work properly or new ingame items.
You don't really need the title updates for offline games, but for games such as Oblivion that had some game issues (glithes) the title update for that game will fix it.
Title updates for minecraft for example brought game fixes and new items, the title update also helps with downloadable content to work properly.
You'll most likely need the latest title update if your playing online games via link.