I've been updating every time there's an update since about v2.5 and never had a problem with current projects or old projects. The installation doesn't touch your project files, and all your settings are in user data on your computer. Very rarely a certain new feature might give rise to problems and these problems are quickly sorted out, but again, even this sort of thing won't wipe your work. Seriously, I have no qualms about updating in the middle of an important project.
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