Warning from WOOCommerce to update the theme

Hello, see screenshots.
Can someone help?

Hello, the warning from WooCommerce is for template version only and it will continue to work. In the meantime, we will be updating the version in our theme as well and it will be released with theme update due next month. Thank you.

Perfect then, thanks.
Will be the theme update visible trough the dashboard?

Moreover, woocommerce asks to be updated, shall I go on?

Yes, you can update and yes it will be visible via dashboard. Thank you.