I thought like just you want to change the UiPath studio version. So i suggested above method.
If you want to execute the developed code in the latest version with the updated package version first check the release notes about the new studio changes and plan accordingly. If you see any of the activities missed post update then you need to drop the fresh activity again and indicate it.
Note: Please take code backup before doing code upgradation.
after backing up we have already upgraded all the packages to those of the new version and the code is now working, I was wondering if there was anything else to be done but at this point if you can confirm I should be fine.