After updating the plugin, will I lose the plugin settings or not?

No. WordPress community brings plugin settings updates to keep eCommerce websites safe and secure from vulnerabilities. To enhance your website performance, you might use several WordPress plugins and WooCommerce extensions.

New updates improve your site performance and keep it away from hackers. But it’s not necessary that the new updates will provide compatibility with all your existing plugins and themes. Thus to maintain your brand presence among your customers’ you need to take a full site backup before you update any plugin. You can also create a staging environment to test the compatibility of new updates with your existing plugins.