I currently have IDE 1.8.6 running on my PC. Have not used the IDE for a good 18 months or so and fired it up again today.
Look at updating the IDE from 1.8.6 to 1.8.16 and just checking if there are any gotchas with scripts written in the 1.8.6 version. Anything I should know about?
Windows XP and Vista support was lost and the minimum macOS version has increased to 10.10 since then. Other than that, I don't believe there is anything significant.
Core libraries like those that are in the arduino\hardware\arduino\avr\libraries folder will be updated but ones in your sketchbook\libraries should not.
Did you know that if you download the zip version of the IDE, extract it and create a folder named portable within the extracted arduino folder that it will become a portable version where the sketchbook folder and any other cores you download will be stored in the portable folder you created. This makes it easy to have several versions of the IDE on your system that don't interfere with each other or when you update to a newer IDE (zip version - not installer version) just copy/move the portable folder into the extracted arduino folder and you have all your cores/libraries/sketches ready to go without having to download them again.
Some library versions are somewhat correlated to the IDE version in that a collection of common libraries come bundled with the Arduino IDE, and the most recent version of those libraries is always used. However, it's really not so tightly coupled because Library Manager allow you to install any version of any library (an boards platform as well via Boards Manager) with any version of the Arduino IDE. So you might well already have the latest versions of the libraries installed (and they are installed to a dedicated location that will not be affected by the IDE update), or you can also choose to roll back to older library versions if you like after updating the IDE.