Yes, never update during production if there are no serious and urgent reasons.
In my experience, a new version, like 2023 being old and 2024 being new, the new version creates its folder and has all needed parts in the separate new folders.
However, memories and knowledge are lovely to have, but things change, which means this is a valid question.
Here is the exploration with my little side iMac. I used the Maxon App and updated it to 2024, while the 2023 was the latest on this Mac. (I have no Windows machine here.
I started 2024 after that and 2023 simultaneously, both are running. I typically download my versions to handle my different computers and licenses without repeating downloads.
All is fine here. Since you are in a project, perhaps include the 2023 into your daily backup first. Just to feel 100% safe.
All the best