Generally this method return BOOL value which indicates that this class has implemented or inherited provided delegated method and by this BOOL value YES or NO we will call it to notify or update data.
Its generally use to prevent from crash if that class has not implemented that method will not crash our app.
In your case your checking UITextField Delegate method is implemented by that class or not if YES than you will call that method through delegate object.
EDIT:
As per your question update textFieldShouldClear method is to check that user has override textFieldShouldClear this method and ask user that textFiled should clear or not.
Apple Source :
Asks the delegate if the text field’s current contents should be
removed.
Reference Link : https://developer.apple.com/reference/uikit/uitextfielddelegate/1619594-textfieldshouldclear
Hope this will help to understand this method.