Evolutionary algorithms (EAs) have been widely applied to multi-objective optimization due to their population-based nature. Population update, a key component in multi-objective EAs (MOEAs), is usually performed in a greedy, deterministic manner. However, recent studies have questioned this practice and shown that stochastic population update (SPU), which allows inferior solutions have a chance to be preserved, can help MOEAs jump out of local optima more easily. Nevertheless, SPU risks losing high-quality solutions, potentially requiring a large population. Intuitively, a possible solution to this issue is to introduce an archive that stores the best solutions ever found. In this paper, we theoretically show that using an archive allows a small population and may enhance the search performance of SPU-based MOEAs. We examine two classic algorithms, SMS-EMOA and NSGA-II, on the bi-objective problem OneJumpZeroJump, and prove that using an archive can reduce the expected running time upper bound (even exponentially). The comparison between SMS-EMOA and NSGA-II also suggests that the $(μ+μ)$ update mode may be more suitable for SPU than the $(μ+1)$ update mode. We also validate our findings empirically. We hope this work may provide theoretical support to explore different ideas of designing algorithms in evolutionary multi-objective optimization.