Also, if i update the theme, would i lose my data? the gigs posted, users, etc?
Concerning your questions,
Because this updated version has a lot of changes about the admin settings area and customize so it can’t be helped that your site content (title,tagline,copyright…) will be lost.
It would be best if you take screenshots or save your current back-end(content, settings, social, widget, PayPal account) in advance. I appreciate your understanding in this situation.
You don’t have to worry about losing your data or posted gigs because the update won’t affect it.