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Only the C9508-FM-E and C9508-FM-E2 are compatible with the N9K-X97160YC-EX, so you will need to replace the fabric modules as well.
https://www.cisco.com/c/en/us/products/collateral/switches/nexus-9000-series-switches/datasheet-c78-736677.html
No, there is no need to upgrade the BIOS separately. You can refer the doc below:
The install all command is the recommended method for software upgrades and downgrades because it performs configuration compatibility checks and BIOS upgrades automati...
N9K-C9364C-GX can provide 64p 100/40G QSFP28 port
https://www.cisco.com/c/en/us/products/collateral/switches/nexus-9000-series-switches/nexus-9300-gx-series-switches-ds.html