Yes, deleting the old directory should work fine. Just make sure to shut down any running processes (the server, the database if you started it, etc.) before you delete the files.
You can also install the later build into a different directory if you want to keep the old one just in case. Multiple builds can co-exist on your system as long as you run only one of them at a time. (And even that you can handle if you make sure the two builds are not trying to use the same ports. It's usually easier just to make sure you run only one at a time, though.)
- Tim
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