Do I need to reboot or restart services after installing this update?
No, a reboot of your system or any of your services is not required. This vulnerability is in the initial import of the process environment from the kernel. This only happens when Bash is started. After the update that fixes this issue is installed, such new processes will use the new code, and will not be vulnerable. Conversely, old processes will not be started again, so the vulnerability does not materialize. If you have a strong reason to suspect that a system was compromised by this vulnerability then a system reboot should be performed after the update is installed as a best security practice and security checks should be analyzed for suspicious activity.