The short answer: Yes.
There’s a lot going on within Google Adwords, Cookies and Google Analytics. There’s a hard deadline to switch to GA4 coming this summer. Things that matter:
-Correct configuration of Goals and Events. Some new Events such as scroll will be included automatically but you need to think about the top, middle and bottom of your digital funnel and configure events and goals accordingly.
-Make sure your URLs contain utm_source=sourcename for optimal reporting.
-Let it run for 30 days. It will start to show insights and explore the settings in the meantime.
You actually can’t upgrade a legacy Google Analytics account to a Google Analytics 4 account but you can link your accounts once you create a new account. There is full guide another blogger put together here.
Google’s official blog on the subject is here.
It’s important to do this switch not just for analytics, but because it includes signals that will help feed SEO and PPC campaigns.