WooCommerce update 4.0.1

Can I update the latest WooCommerce update safe?

I get the following message:

There is a new version of WooCommerce available. View version 4.0.1 details or update now.

4.0 is a major update. Make a full site backup, update your theme and extensions, and review update best practices before upgrading.

Heads up! The versions of the following plugins you’re running haven’t been tested with WooCommerce 4.0. Please update them or confirm compatibility before updating WooCommerce, or you may experience issues:
Plugin Tested up to WooCommerce version
Woocommerce Table Rate Shipping 3.9.2

Or is there an update for you’re plug-in coming up and should I wait?

Thanks for the reply in advance.

Regards,
Miranda