I would guess the real reason is that if the target is ballistic, you need to actually "kill" it, not just wing it like you can with an airplane. If you wing it the warhead will still fall in roughly the same place with a probably intact warhead. To be safe you want to actually destroy the warhead. Worse case it goes off at point of impact, which is better than on the target.
Perhaps I misunderstood what the update rate was, but I interpreted as the rate at which the "chaser" can update its trajectory or take action (kind of like the main loop running 10 times a second).
You also might be overestimating what "current tech" means in military hardware. The PAC-3 Patriots were entered into service from 1995-2000, meaning they were designed with late 1980's technology. The Saudis don't get to have the true top end hardware, the US won't sell their "best stuff" until they have "new best stuff" to beat it.
Tldr: kinetic force is definitely the way to go.
[1] https://en.m.wikipedia.org/wiki/RIM-161_Standard_Missile_3#A...
Why is that not possible?
Most other missile systems (like surface-to-air or air-to-air systems designed to kill planes) have proximity fuses, and don't need direct contact, they just blow up nearby and throw shrapnel into the plane. That's enough to kill a plane, but doesn't work very well to knock a ballistic missile off it's trajectory.