There is a potential problem with the ThreadStart delegate that you pass to the Thread's constructor, which is defined as public delegate void ThreadStart(). The fact that you provide an async void lambda for it makes it a fire-and-forget call. I.e., it's asynchronous but it doesn't return a Task to observe for result or exceptions.
Your new thread will most likely end as soon as the execution flow inside it hits the first await something, be it await Task.Delay or anything else. So, technically, you're not pausing a thread here. The logical execution after that await will continue on a random thread pool thread, which will most likely be different from the thread you initially created.
You'd be better off just using Task.Run instead of new Thread. The former has an override for async Task lambdas, which you should normally be using instead of async void anyway. Thus, you could pass your UpdateAsync directly to Task.Run and have the proper exception propagation logic for async methods.
If for some reason you still want to stick with new Thread and pass an async void lambda to it, make sure to observe all exception thrown by UpdateAsync. Otherwise, they will be thrown "out-of-band" on a random pool thread, see the above link for more details. Also note, creating a new thread (and then almost instantly ending it) is a rather expensive runtime operation. OTOH, when using Task.Run, you normally just borrow/return an existing thread from/to thread pool, which is much faster.
That said, in this particular case you may as well just be using Thread.Sleep instead of async methods and Task.Delay, to avoid having to deal with asynchrony and thread switching at all. It's a client-side WinForms application where you normally don't care (to a reasonably extent) about scaling, i.e., the number of busy or blocked threads.