WordPress Update | WordPress.org

The website that I am currently an administrator on is using an older version of WordPress (5.4.14). We are now having some difficulties with certain plugins that do not support our current version of WordPress. I am looking to update this to the newest version of WordPress. I have a couple questions on this: If I update my version of WordPress, will this change occur for all other users/administrators on my website? Secondly, what steps should I take to ensure that this update will not disrupt any of my current plug ins or my website in general? Will this big of a jump in wordpress versions have a large effect on my website?

Any information or advice that could be provided on this subject would be much appreciated.

Thank you.