Structural Clustering ($DynClu$) is one of the most popular graph clustering paradigms. In this paper, we consider $StrClu$ under two commonly adapted similarities, namely Jaccard similarity and cosine similarity on a dynamic graph, $G = \langle V, E\rangle$, subject to edge insertions and deletions (updates). The goal is to maintain certain information under updates, so that the $StrClu$ clustering result on~$G$ can be retrieved in $O(|V| + |E|)$ time, upon request. The state-of-the-art worst-case cost is $O(|V|)$ per update; we improve this update-time bound significantly with the $ρ$-approximate notion. Specifically, for a specified failure probability, $δ^*$, and every sequence of $M$ updates (no need to know $M$'s value in advance), our algorithm, $DynELM$, achieves $O(\log^2 |V| + \log |V| \cdot \log \frac{M}{δ^*})$ amortized cost for each update, at all times in linear space. Moreover, $DynELM$ provides a provable "sandwich" guarantee on the clustering quality at all times after \emph{each update} with probability at least $1 - δ^*$. We further develop $DynELM$ into our ultimate algorithm, $DynStrClu$, which also supports cluster-group-by queries. Given $Q\subseteq V$, this puts the non-empty intersection of $Q$ and each $StrClu$ cluster into a distinct group. $DynStrClu$ not only achieves all the guarantees of $DynELM$, but also runs cluster-group-by queries in $O(|Q|\cdot \log |V|)$ time. We demonstrate the performance of our algorithms via extensive experiments, on 15 real datasets. Experimental results confirm that our algorithms are up to three orders of magnitude more efficient than state-of-the-art competitors, and still provide quality structural clustering results. Furthermore, we study the difference between the two similarities w.r.t. the quality of approximate clustering results.