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Basically, no. You can add either Paragraph Styles or Character Styles to a CC Library.
If you make changes in the Paragraph/Character Style and you want to update it, you'll have delete the previous one and add the new one.
Here are some blog posts which explain more about the way it works and their limitations:
Thanks, Steve. So why would I use CC Libraries instead of paragraph styles? I get that it would be helpful and useful if I was using the same items between different programs (Photoshop, Illustrator, InDesign), but in this case... I'm not doing that. I'm just working on this document. So in this case, it would seem to make more sense to use Paragraph styles. Or am I missing something?
Libraries in CC are a very poor attempt at doing what they should. As you well point out, what's the point if you can't update its items?