no, as you will not get new default configs etc. You would have to also run the “install from binaries” option, which would leave some .rp-dist configs which have the new defaults. It would then be a manual process of copying/merging those into the retroarch.cfg configs.
I just updates the binaries and now trying to find where the final put the splashscreen. On startup it looks for the png in the /home/pi/Retropie-Setup/supplementary but that folder is no longer there.