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I refer to the Spatial's RDF support in your query as Oracle RDF store (which is packaged as part of Spatial) in my response below.
One way to think about DML (update, delete etc.) operations on Oracle's RDF store is to think about them exactly as you would think about DML operations on any database schema object (tables, views etc.). The underlying storage for Oracle RDF is relational tables, so what works for database schema objects will work for the Oracle RDF store (the feature was designed specifically to take advantage of all database type operations).
The Oracle RDF store has the concept of a model, which is a set of triples. An ontology can be created so that it corresponds to a model. Dropping an ontology will then be as fast as dropping a database table. Updating and deleting individual triples will take longer, again, just as in any database table or view.
Frequent querying should not be an issue at all, just as it is not an issue for standard relational tables.