I'm on 7.95.2 now /dev and /flash look the same as mine but /storage is 2.9G where as 92.8M is never going to have the space for the libreelec updates.
I went from the nightly (which i remember having some changes in partion sizes) and copied the libreelec tar file into the SMB update folder over the network which i think is the same as /storage/.update/.
Once you're on a libreelec build you can update to new versions from within libreelec itself.
I would be very careful about refreshing the internal eMMC as your mpg and vc-1 licenses as well as other fundamental configuration settings are stored there and you risk losing them. Definitely the best way is copying the tar file. but I dont know enough about repartioning to help you with that i'm afraid.
Good luck, Matthew