What Are Standalone Upgrade Best Practices?

Since Fedora 38 is hitting EOL, I’m going in and upgrading my templates as recommended in the documentation.

But what’s the best practice for networked Standalones? Obviously, non-networked standalones can’t be upgraded.

Should I go to the new 39 template and make a new standalone, reinstall everything from scratch, or is it fine if I just do an in-system upgrade as if that standalone was its own computer?

Are there any security reasons not to do it this way? Because the only one I can think of (as a non-security pro) is the fact that its connected to the internet. But if it’s a networked standalone, then its already that way to begin with.

Any insight into how you or the community recommend doing this is appreciated.