Will updating my iPhone 4s take up more memory?

I still haven't update my iPhone 4s to the latest update due to not enough memory left. I needed 2.8 GB in order to update it, so I deleted a few videos and apps and now have exactly 2.8 GB left of space. If I do the update, will it take up the rest of the space on my phone? (the 2.8 GB considering it needs 2.8 to update)

It does take up space after the update is completed but certainly not 2.8 GB. It should be a lot less than 1 GB.

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