Hello,
Service Catalog basically operates similar to Cloudformation. If you don't want to create new versions for every new changes, you can parameterize the attributes and just update the cloudformation stack with new values to update the EC2. An important point to keep in mind is that update to some properties can trigger resource replacement and you mentioned you don't want your EC2 to be replaced and If you are looking to update any value without replacement, it won't be possible for properties that require replacement natively.
If you need granular review of your environment for the use case , we require details that are non-public information. Therefore, kindly open a support case with AWS using the following https://console.aws.amazon.com/support/home#/case/create
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