The current version, according to yellows8, is:

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Updated For

11.5.0 - 38(U/E/J)

Website Last Updated on 8/8/2017

Should I update?

If the version displayed up there is 11.5.x - xx, read below. Otherwise, NO.

11.2 11.3 11.4
- No, 11.2 has downgrade capabilities, and is also a really easy version to install A9LH + Luma. Do not update. - Cannot use newer payloads on Old 3DS. Http-pwn is patched. You must update for online access from 11.4+. - If you are on an Old 3DS, you will not be able to use newer payloads as far as I know.

More questions? Visit the subreddit.

/r/3dshacks/

If you have the ability, NAND backups are always a good precaution.