I was very nervous about uninstalling LDD after reading some comments over on eurobricks saying: after doing this, they couldn't get either version to work.
I did it and there were no problems. The models folder was unaffected and it surprisingly only took a little over 5 min. to both uninstall and reinstall the program (for my computer at least).
Thank you so much @Square for sharing the news about the update and for the link with the download, I can't wait to use these new pieces.
Edit: I don't think anyone has to uninstall LDD but rather just download the new version and it adds anything you are missing.