Yes – deleting (Deactivate -> Delete in plugin manager) then Installing (Upload -> Install -> Activate) the new version is the best way to update any plugin in my opinion. It clears up all the files first, recreates the plugin directory, and triggers the activation hooks. I have found, that simply uploading the new version and replacing it does not trigger some of the activation events – which is fine in most cases, but it is much better to have those triggered.