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Day 2 operations details for openshift on cloud satellite can be viewed on these two pages:
https://cloud.ibm.com/docs/satellite?topic=satellite-host-update-location
https://cloud.ibm.com/docs/satellite?topic=satellite-host-update-workers
The main operation is is simple:
Updating control plane hosts
To apply a version update, you must detach, reload, and reattach your host to the Satellite location. Then, you can assign the host back to the control plane or to another resource that runs in the location.
This is what is needed to be done for any OpenShift update
Hence a scenario would be to spin upp 3 additinal servers in the same name space, as part of the attach process they are upgraded with the latest OS patches and then the get the latest OpenShift version.
These 3 servers will then become the new control plane for the satellite location in the fusion box. Then depending on the nature of the OpenShift upgrade we could to either an in place upgrade or do a server replace upgrade. It is all described in the linked documentation.