5D prompt to format drives

I haven’t used this oder drive for some time. I updated one of the drives and data has been loaded onto it. I am getting a prompt that says there are drives that need to be formatted. Will i lose data if i say yes?

Am I living dangerously by continuing to use this as my only archive for my photography? Should I update the set up? THANK YOU

Drobo 5
Drobo Dashboard 3.5.2
OS- Mac 12.0.1