@Kevin YANG (EXT) , Thanks for posting this question.
Yes, to avoid service disruptions, you must update to use the latest preview version before the retirement date.
It is recommended to first perform the testing the upgrade to new API versions to confirm there's no impact to your application from the API update before making the change globally across your environment. With only few more days left for this' API retirement, I suggest you plan for upgrade now.
If you're using the OpenAI Python client library or the REST API, you'll need to update your code directly to the latest preview API version.
If you're using one of the Azure OpenAI SDKs for C#, Go, Java, or JavaScript you'll instead need to update to the latest version of the SDK. Each SDK release is hardcoded to work with specific versions of the Azure OpenAI API.
Also, checkout the doc guidance on: Upgrade to the latest REST API in Azure AI Search
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