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Expanding on the information already provided, after you download the WinPE files for a given WinPE version, Reflect caches them so that you don't need to redownload them for subsequent Rescue Media builds. If you use the WinRE option available in Reflect 7.2, Reflect uses the files from your system's hidden Windows Recovery partition, in which case you never need to download anything at all.
Microsoft does not update WinPE files on any sort of a regular basis like they do with Windows update. Newer versions of WinPE 10 are created with each new major release of Windows 10, but Reflect 7.2 currently always uses WinPE 10 1709. Earlier versions of V7 and the latest version of V6 use WinPE 10 1607. The end result is that unless Macrium decides to update Reflect to start using a newer version of WinPE 10, you'll never need to redownload the WinPE 10 files again unless they get deleted for some reason. By default, the PE files are preserved even if you uninstall Reflect, but you can choose to delete them if desired.
As for Windows RE, your Recovery partition gets updated whenever you update your system to a new major release of Windows 10. If that happens, Reflect will automatically start using the new files, although that can become a bit of a liability. For example, if there's a bug in the new files from Microsoft that affects Rescue Media, then your Rescue Media builds might be broken after you update Windows 10. For that reason, there's something to be said for using WinPE 10 instead, since it is a fixed and tested "foundation". The only catch there is that if you want WiFi support in your Rescue Media environment, you have to use WinRE. But even in that case, it's not a bad idea to have the WinPE 10 files handy to make an "emergency" build if you find out one day that your WinRE builds don't work anymore. Another thing you can do is generate ISO files of your Rescue Media builds and save them for a while. That will protect you from issues created by new WinRE versions as well as new Reflect versions. There have been cases where Reflect updates broke the Rescue environment, and since Macrium doesn't provide installers for previous Reflect versions (and some people might not want to roll back their entire system just to undo a Reflect update), having ISO files of previous confirmed working Rescue Media builds can be a fantastic "insurance policy".