Updating to New BeTheme

We have a domain that we would like to update from an older version of BeTheme (15.9) to the newer BeTheme (20.8.2, which requires a license key for activation). Before doing so, I have a couple quick questions regarding the update:

I saw that one answer you posted in a previous discussion noted to completely delete BeTheme and install the new, fresh version. Is this the only way to update from the older BeTheme to the newer?

If it is, and we're completely removing BeTheme and then adding in a new one, will we be permanently losing any content we've created using the Muffin Builder, or will installing the new version recover that content?

Please advise, and thank you for your time

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