What are the real benefits if I was to only do graphic design and some after effects work?
And do i need software to do this setting?
Can I damage the PC components if I do it incorrectly, reducing the longevity of the parts?
OC can be risky to the health of the computer. It makes some of the parts heat up more, and heat can damage components.
I think a faster CPU helps with graphics. Graphic power depends more on the graphics card than the CPU, but i think OC would still help a bit.
No you dont need software to do it. You usually change settings in the BIOS. I guess you could call that software. But since you need to monitor temperatures, you can just download a program to do that.