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The free version only provides on-demand scanning, and it only uses the the core malware signature engine/component, so it lacks all of the real-time protection of the Premium version and does not include the more proactive protection components such as Exploit Protection, malicious website blocking through Web Protection, and behavior based Ransomware Protection component.  That said, it does make for an excellent second opinion, on-demand scanner as a backup solution to your antivirus.

As for whether or not you should upgrade, that really depends on whether or not you currently have an antivirus solution for your system and whether you feel that Malwarebytes Premium would provide better protection, as Malwarebytes Premium's layered protection provides robust defense against online threats, automatic database updates, as well as scheduled scanning and is categorized as an antivirus replacement (meaning it provides sufficient protection from online threats to negate the need for an alternative AV solution, though you may also use it alongside the built in Windows Defender in Windows 10 if you wish to do so, as many of us here on the forums do on our own systems).

If you haven't tried the free 14-day trial of Premium yet, I'd highly recommend doing so in order to test out the Premium features to see if it suits your needs.

I hope this helps.

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