Does this method wipe your data? From what I've read it seems like it doesn't but no where does it specifically say that it does/doesn't wipe your data.
OTA updates rely on S-ON to verify the signature placed in the OTA ZIP file. The OTA will fail completely if it encounters an S-OFF device.
If you're going to go through the trouble of S-OFF, you probably also flashed in a custom recovery. 99.9% of the time a dev will package the latest OTA in the form of a flashable ZIP. You should be manually updating your device if you go S-OFF.