Hello Usman Shahzad,
Yes, please follow our documentation – https://xstore.helpscoutdocs.com/article/63-theme-update https://xstore.helpscoutdocs.com/article/37-plugins-update
After the update, you need to re-save Theme Options ( go to Theme Options > change any settings > Publish changes).
Feel free to ask if you have any other questions.
Regards