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All updates in the EA-period are free as far as I know, Mistlands too.
It's top 5 value purchases on Steam for me, for 17€. Most my playtime in co-op though.
Valheim is currently in Early Access, meaning that it's not finished yet and will get more updates over time until it reaches a full release version ("1.0"). The devs have said that they don't plan on doing any paid DLCs.
You might want to give the pinned FAQ thread a read before buying:
https://steamcommunity.com/app/892970/discussions/0/3383905288030494726/
Have a good day!
It is natural when seeing something that is an incredible deal to wonder what the hidden catch is. There are no hidden catches. It's EA and there is no guarantee of any further progress, but the devs would be crazy to stop now.
...then yes, by all means, go buy it right now.
OTOH, if you just care about killing bosses, progression and speed runs... don't bother. It's not the game for that.