You can upload the theme folder from the ThemeForest account.
Please make the full backup of your site and try to update, I am afraid you may lose a lot of settings (all the content would remain) cause you have not updated the version for a long time and such an old version is not compatible with the recent.
Save widgets separately and then upload them, save the custom CSS as well.
Woocommerce updates the template from time to time, we track these updates and include them in our theme new versions as well. Our next update would have all updated templates. Meanwhile, the theme and the site would work properly, such a warning does not influence the site.
You can establish the store, site everything would work great.
If you have any questions please feel free to contact us.