Should I Be Concerned with Lipoma That Has Dry Texture?

Always err on the side of caution when dealing with a lump or lesion under the skin. Never assume that a lump is a lipoma without having an experienced surgeon examine the lesion and obtaining appropriate diagnostic studies.
Symptoms that should increase suspicion in a lump or bump under the skin:

Fast growth
Overlying skin changes
Nerve injury such as numbness or hypersensitivity, pain.
Multiple new lesions
History of cancer

This is not an exhaustive list but serves as a reference point for investigation.

I would strongly encourage you to see a specialist to determine that the skin growth you describe is a lipoma indeed. The experienced plastic surgeon should have no problem to recognize such, but often the pathology exam can give as the final diagnosis. It is recommended to remove lipomas, these types of fatty growths tend to get larger with time. The smaller the lipoma is, the smaller incision for the excision and the smaller scar afterwards. However, the skin change over the lipoma is unusual and should be evaluated by a specialist.

These are called "epaulette lipomas" because and epaulette is the shoulder decoration that a soldier or military officer wears.
The vast majority of these are benign but are removed for cosmetic reasons and to prevent further growth. Rarely, these may be malignant. The biopsy will be sent to evaluate this remote possibility.
In your instance, pain is not unuusal and can be a sign of stretching of the overlying nerves or pressure on the muscle.
The skin reaction does sound unusual.
Some surgeons use liposuction to remove this. Although it can reduce the size, it does not completely eliminate it and I generally do not use this technique unless the patient insists. Obviously, it would leave a smaller scar, but it does not make sense from a tumor treatement standpoint.
I hope this helps!

Lipoma is a diagnosis confirmed by pathology. It is a very common benign tumor. Soft tissue masses can be other things. It is difficult to know for sure about the true nature of the lesion without a biopsy (usually excisional as opposed to incisional or needle (meaning that the goal would be to take the entire lesion out and submit it to pathology).
You should see a surgeon and have this lesion evaluated.
I hope this helps.

KDA
It would not be unusual to have slightly dry skin over the lipoma. I would recommend having the lipoma removed and examined by a pathologist to confirm that it is indeed a lipoma.