It also gives you the option of re-trying the update "tonight" which takes up WAY too much of my cognitive load. "Tonight" doesn't appear to be configurable, or even well-defined, although an obscure knowledge-base article tells me it's between "2:00 and 5:00 a.m", which is nothing like my expectation of what "tonight" means. Does that run if my laptop is sleeping? What about if it needs to reboot? I really should know the answers to these questions ...
Pretty sure that "tonight" just dismisses the prompt until "tonight" at which point you'll see it again, it doesn't irrevocably schedule the update for "tonight."
Yeah, the important one it offers is "Not Now". If you tell it "Not Now", it will not install that update, period. Windows 10, by default, will install those updates automatically and pick a random time or immediately reboot.
If I'm out of town for 2 weeks, I cannot have my Windows 10 machine reboot, it runs the software for my security cameras and that can't start until I log back in. Thankfully, I set up Windows Update to not install updates automatically(Win10 Pro) way back when it came out and it has continued to stick. Major updates are a constant worry that they will finally break this forever when it shouldn't even be a concern in the first place.