Yes, it's recommended to install the latest version on your iPhone. The company not only fixed some bugs but also introduced new applications that might help you with the way you use the device. Although many users refuse to upgrade to the latest version, if you feel confident, you should go for it.
As usual, before trying anything like this, connect the phone to your PC and create a backup. If something goes bad, you can restore it to the previous version.
There is even a page that covers this procedure: https://support.apple.com/en-us/HT204184