Lateral + upward toe release means the front of your binding can let your boot go in two ways: sideways if your ski twists awkwardly, and upward if you fall forward and your boot gets pushed up and out. This dual-release design is the standard in modern alpine bindings because it protects you in the two most common fall scenarios.
Without upward release, a forward fall could trap your toe in the binding while your heel releases—potentially causing knee or leg injury. The upward release gives your boot an escape path when forces push it up, like when you catch an edge and suddenly go over the front.
For most resort skiers, this is exactly what you want. It's been the industry standard for years because it simply offers better protection than older lateral-only designs. Unless you're shopping for specialized touring pin bindings (which work differently), you should expect this feature in any quality alpine binding.