Basically, yes.
However, I recommend installing new versions of yEd in parallel to old versions. That way you can verify that the installation of a new version was successful (i.e. the new version runs as intended) without "destroying" your existing installation. If the new version has been successfully installed, uninstall the old version.
A good approach to installing multiple versions is using version specific installation directories. E.g. on Windows C:\Program Files\yWorks\yEd-3.16 and C:\Program Files\yWorks\yEd-3.17 could be used instead of the default installation directory C:\Program Files\yWorks\yEd.
