Good questionWhy "Update"?
Thank you Mr. Donald for your answer.Good question
My understanding is that Big Sur boots from a system snapshot (your update volume) not from (in your case ) Macintosh HD - which is possibly why it's greyed out - ie not mounted.
That snapshot is most likely updated from time to time and this could be why it gets the name.
This is just guesswork by me. Others may have more accurate information than me.
Du bist wilkommen (or something like that).Thank you Mr. Donald for your answer.