The phrase "it's update" can be used in written English and is correct.
You can use it to inform someone that something has been updated or changed (e.g., a website or a product). For example, "I just checked the website, it's update with new content!".
Exact(3)
It's update time!
Sorry – it's update time again.
Do you have an Xbox One? It's update time!
Similar(57)
It's updated every 15 minutes.
It's updated by the Red Hot Chili Peppers.
"But it's updated for the modern age.
"Guys are already comfortable wearing it, but this season it's updated.
"It's updated and contemporary, but why not?" Mr. Marandi asked.
And overnight, it's updated.
Update: It's Updated!
It's updated constantly and currently contains 4,000 offending IP addresses.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com