Yep, unless you’re using the itch.io launcher.
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Each update is the entire game (because Ren'py has no real update mechanic built in). If you're on Windows, Linux or Mac just extract to a new folder and play. If you're on Android, install the new version on top of the old one (say yes when it asks if you want to update).
In all cases, your saves will be automatically detected by the new version :)