Having a conversation with my manager around job stability?

Hey everyone,
I joined my current firm around 5-6 months ago and am in a junior analyst role at the firm. Back in the beginning of January of 2024, my manager had essentially implied (though not explicitly saying) that there would be structural changes on the team this year and that he would evaluate whether my role would be needed on the team and would get back to me. Since that meeting, the tone seems to have appeared more positive with my manager complimenting me on my performance when I ask for feedback and him giving me slightly more responsibility; however, I feel that he is still not 100% certain on the team structure. That initial meeting definitely scared me and, as such, I applied to a bunch of jobs for security.
I recently got an offer for a similar job that has a similar salary; however, I would much rather stay at my current firm if my position is safe. For context, I graduated from college only 1 year ago and have already worked at 2 companies, so ideally I would not want to keep job switching unless I was very interested in the other job. However, I also don't want to be in a position where I decline this other offer only to then get laid off shortly after at my current firm.
Given my situation, do you guys think it would be appropriate to have a check-in with my manager and let him know that I recently received another offer but would much rather stay at my current job if he could provide more confirmation around the stability and security of my position?
Very conflicted right now and would love to hear the community's insights and opinions on this.
Thanks so much in advance!