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.