You may do it, and you may not. But it’s typically better to “do”.
We have been giving WordPress support and development since a while – and we can certainly affirm that many issues are solved just keeping everything up to date.
It’s been so long since last major WooCommerce release, but sometimes good things are worth waiting for. After taking a poll and doing some internal testing, woothemes finally came up with serveral improvements like a new gallery that had more functionality, was far more mobile-friendly, and was more intuitive than the previous iteration.
But if you plan tu update, in the case that something does get badly broken, you have a few options: Backup, backup, backup – before doing snything. Plugins that automate the backup/restore process are definitely worth the effort or price in my opinion, but nothing better that give that work to your developers.
Your backup should be sufficient, but may be harder to restore. Fight to fix the issue yourself (not recommended, especially if you’re not techy)
As for your this post title, it’s difficult to answer as there are so many variables. There’s no way for us to know if you’ll be safe updating or not. But if you have a reliable backup system in place that makes restores easy to run, then you can have some confidence in that before pulling the trigger.
Lastly, consider creating a staging site that mirrors your live site, where you can test updates before doing it on your actual live site.