Hello @zaidshaikh ,
All-Apps - Includes new and updated application signatures. This update does not require any additional subscriptions, but it does require a valid maintenance/support contract. New application updates are published weekly.
All-Content - Includes new and updated application and threat signatures. This update is available if you have a Threat Prevention subscription (and you get it instead of the Applications update). New Applications and Threats updates are published weekly.
Let's assume that on your Panorama you want to configure an exception for a false positive threat ID and to push on your managed firewall. If your Panorama doesn't have threat signatures database, then you will not be able to configure any exception based on thread id.
Also, it's recommended that the dynamic content update version on Panorama to not be greater then the same dynamic content type on the managed firewalls.
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