hey there, honestly? to cover yourself i would backup everything you could potentially want to keep.
Personally, whenever i've updated a ROM or firmware, i found the phone is in a stock state(just like i got it out of the box) but everything such as contacts and Gallery items are intact, whether because they are stored on a SIM and SD card respectively im not sure.
Otherwise take it as read that flashing a ROM will erase everything and return the phone to factory condition (just like a hard reset).