What will rooting my phone prevent?

[Scobidoo]

New to rooting, have a few questions.

I am running kit kat 4.4.2 on my Lg g2.
I understand there is an upgrade to Lollipop some time in the future for this phone.
I do not want to upgrade as I am quite happy with kit kat, so I have rooted the phone with Towelroot, to be able to freeze the automatic update on my phone.
I have frozen the software update 2.3.1.15 and I have some questions about this.

Will it definitively prevent Lollipop to force download and install?

Will it prevent the apps to update too? (I suppose I can update the apps manually via the play store if it does).

Is it true that updates on rooted phones can cause serious problems?

Is there anything I need to be aware of to prevent any problems with my phone?

Thanks