I have never read where anyone has outlined exactly what calupd.exe does, but I believe that it goes through all of your calendar entries, deletes old ones, and adds notifications for new ones when needed. So if you use your calendar a lot then it may not be good for you to disable it. However, you can run it manually whenever you want to clean things up, but when doing so it schedules itself to start running nightly again.
What I need now is an .exe that would reset calupd.exe, clocknot.exe, and calnot.exe to some date like January 1, 2020 so that I could run it daily to ensure that it disables them. Then I could run the cleanups whenever I want and still be sure that they do not run at night... Unfortunately I do not have the expertise to write my own program. Any help in getting this done would be greatly appreciated!