Yes, you can start installing the latest one if you already have the 12-word seed backup, and it should be enough to restore your wallet if anything happens to your current wallet after you install the latest one.

Learn more about how to restore Exodus wallet from here: How do I restore from my 12-word secret recovery phrase?

About the manual update procedure, check this one: How do I update Exodus?
Scroll down to the bottom for manual update.