.NET: Microsoft Technologies based on the .NET software framework. Runtime: An environment required to run apps that aren't compiled to machine language.
the .net 4.* framework is an update in place. as long as the computer hosting the application, is getting updates, you are good. because you are building on 4.6.1, that is minimum runtime version supported.
that said, I'd update the project to 4.8. you can then support c# 7.3, remove the bcl project dependencies, and move many of the projects to the new project format.