Since you no longer receive a dependent deduction after the tax law changes in 2017, you may receive up to $2,000 as a Child Tax Credit in the years you claim a dependent, which would reduce your tax owed.
So if your withholdings are sufficient without the extra credit, you probably don't need to change them.
Here's more info on the Child Tax Credit.
If the custodial parent qualifies for the Earned Income Credit, it is possible for that parent to claim that credit every year, and the non-custodial parent claim the dependency every year, which gives both parents a credit every year for that child.
This article has more details on Dependent Tax Deductions and Credits.
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