simultaneous upgrade of macOS and parallels

Host is MacOS X El Capitan (OS X 10.11.6), parallels version is v14 ("Home Edition"). I have multiple existing VMs, the main one which I use for work is Windows 10. Issue: latest Parallels desktop for Mac v18 is not compatible with my host OS (host is too old). As well, my existing Parallels (v14) is not compatible with latest Mac OS Monterrey. So, if I upgrade my Mac to Monterrey, with my existing Parallels v 14, Parallels will not work. If I purchase an upgrade to v 18 of Parallels AFTER updating host OS to Monterrey, can I just install over the top of my "defunct" v 14 and will my VM's port seamlessly? My main concern is I do not want to have to reinstall Windows or any of my VM's (or reconfigure anything). Will my suggested process work?

Thanks for any advice,