With a large number of assets, managing updates with Fab becomes difficult. Neither the Fab webpage nor the Launcher clearly show which assets have updates available. Is this a disaster, or am I missing out on some useful functionality?
No, You are not missing anything except in Launcher there is a Orange Icon on the Assets for which Update is available,
other then that there is no way to know about Update unless you are part of Seller Community.
We all have requested such feature for Fab and they did said that they have Added to there List but there were tons of Suggestion they said same for Unreal Marketplace (None of Suggestions were Implemented).
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Yes, I know the Orange Icon, which proves that the launcher is aware of the update. We just need a filter to display all assets containing the Orange Icon together, which makes it easier to manage updates when there are thousands of assets, rather than checking them one by one.