What is the best way to update Newspaper theme?

Hello,
I want to explain first that I want to do.
I have older version of newspaper theme (7+). So, Now I want to update the theme.

Here, I will do:
Go to cpanel-> Website Name folder -> Wp-content folder -> Theme Folder-> Newspaper -> Delete this folder and Upload Latest version.

I have not edited or customize existing theme code.
So, I guess, my theme will update if i follow above process. But, Here is my few query:

1) Do I need to active other theme during this process?

2) After update will it change my all existing theme setting?

3) I have installed demo version of newspaper theme(when i started the website). Later, I edited or deleted demo post and replaced with my new blog post. And also, I have changed the setting as my need(Few block also deleted from my homepage which were not necessary for me).
So, What will happen for the demo setting that I installed with older version?
(I am worry about this part please explain clearly. Because, if previous demo setting not work then I need to install demo version again with this update theme version and need lots of work to setup everything again.)

4) I do not want to change my exiting theme setting, post-page setting etc but want to update theme. So, if i follow my above step then will i face any problem? Do you have any other safest recommendation to update the theme?

Thanks

Thank you for your answer. I understand that. I need to replace with update theme.
My only concern will it change any existing settings after update the theme?
If not then i will do this.