How to clear space on c drive on windows 7 laptop
On the Apple iTunes end - I would do anything to not remove the Apple Software Update program since it’s small and provides security updates. 

Run a tool to find large files you can delete. Removing the installer or the application is really a mole hill compared to the mountain of video files, music files, other files you might have hanging around on the C:

If this is about should you delete that app, I say no. Either uninstall iTunes entirely and uninstall the update tool or keep both and find another way to save space or move data files to a different drive.