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Seeing how it's not an official update, it has helped some with data issues, me included. It was an accidental leak. No one knows for sure what the next update will be and when. 50/50 whether it will help you or not.
I was on .893 and not really having major problems with data, but I flashed the .901 update and data is stronger and switches between 3g and 4g more easily.
No, you don't have to be rooted. Basically you move a zip file into your phone's SD-EXT card, power off and reboot into recovery mode. The Bionic does the rest, with the whole procedure taking 10 minutes (6 of which is the phone rebooting after installation).