Does the board need an updated BIOS at all? If it already has the latest, or one of the later versions, don't bother. The problem is that you need the CPU and some RAM installed in order to POST and enter BIOS setting screens. That's where it will show the current BIOS version.
Usually, BIOS can be updated with CPU, RAM, disks, OS etc. in place. There is a slight advantage to updating BIOS before installing the OS.
(The only exception I know to updating BIOS with CPU installed is when changing the management engine on Maximus VI boards to work with Devil's Canyon. Your M7H was originally built for DC CPUs, so doesn't need that extreme upgrade.)
Jeff