We can set a shortcut for ‘render models on page’ and we have auto-render. But updating the model reference must happen before each re-render. I’m constantly updating the references, as I bounce back and forth between SU and LO. Add the option to bind this to a keyboard shortcut. Or a combined key to update references AND re-render. And a button and/or shortcut to update all references in document, so that I don’t have to select each viewport to update. Maybe even having the option to auto-update references – a true “live link”.
I like the idea of a shortcut for Update Model Reference.
FWIW, if you open the SketchUp model from the LO file, saves to changes in the SketchUp model and returning to the LO file will trigger the updates automatically.