In terms of pure consumer advice, I'd recommend against it; WWII scholarship since the 70s has been incorporating more and more archival materials from Eastern Europe, and really taking off in the 90s and 2000s. It depends on what you're after, though; you can't really produce a good single-volume history to cover the entire war to the scholars' complete satisfaction, but pictures (and the series has a lot of them) are worth a thousand words if that's what you're looking for. If you want the best scholarship out there, though, I'd recommend shopping around a bit more.

First off, the answer is a massive YES. Especially with the fall of the Soviet Union allowing for improved accessibility to records from the USSR, enough can't be said about the changes that have occurred. But in your case here... I don't think you should be too concerned actually.

I have the Time-Life World War II set. I love those books. The photo-essays in them are fantastic. But those books were never intended to be academic from the start. So while yes, they are dated and will often show it, I don't think it is right to talk about them as being obsolete, since the coverage they offer is general knowledge stuff, not super in-depth for the most part. If you are looking to get these books because you want a good history of the war, you're barking up the wrong tree, this simply isn't what you should be looking at. You could buy a small library of books on World War II that give much better coverage of the war for the same price. If you're getting these books because you like to collect books, and you think they are a very neat collection to have, then the fact the books are a bit dated shouldn't be much of a concern.