There is no upgrade for a running image. You do need to make a backup, create the new image, and restore backup.
I’d suggest saving your current SD card as a backup and locating a new or gently used SD card for the emonSD-07Nov16 image. If something goes wrong then you’ll have the original.
Somewhere on the OEM site there are migration instructions for making a data backup with your current running image. Getting the new image written to a blank SD card using Etcher, and then importing the data to the new image. I’m having trouble locating that info at the moment!
You may want to look thru the Guide and the Resource areas. I’ll repost if I stumble across the info.
After installing emonSD-07Nov16 - Yes. But I don’t run periodically update/upgrade. I usually leave update/upgrades for when I am upgrading lots of other things (e.g., node-red, etc.) and I have time to spend on any issues. And after doing a backup!