I have not updated my Android Studio for a while and am presented with this dialog box when trying to update:
Here is how you update when you are not presented with a Update and Restart button, but instead only have a Download button. The solution involves a side-by-side installation, which is an acceptable and supported configuration1
Android Studio folder, and another set of code under the android-studio-beta folder. The android-studio-dev is the folder created from the downloaded zip file.../bin/studio64.exe inside the the unzipped folder and select the appropriate place to pull your configuration from.
Note that if you are unsure of which configuration is connected to which install, you may examine the .home file:
Note here that the AndroidStudioPreview2.2 configuration set is aligned with the installation located at android-studio-beta, and not with the installation located at Android Studio (the two options shown in step 2). Wait for the installation to complete, then exit.At some point, probably once you're satisfied that the new installation will work you you, you may remove the previous installation.
1 Here is an official page to show that it's ok to have side-by-side installs: Android site multiple installation page