Hi @adil ,
Firstly please check the compatibility level values of your databases:
Go to SQL Server Management Studio -> Right click on your content database -> Properties -> Options:
According to this article: ALTER DATABASE (Transact-SQL) Compatibility Level, supported compatibility level values of SQL Server 2017(14.x) include 140,130,120,110,100. As long as compatibility level values of your content databases in SQL Server 2012 is included in these five numbers, it is compatible with SQL Server 2017.
As to your second doubt, If you create new web application with new content database, The content of your previous web application will not be included in the new web application. As a best practice, I recommend you to test your upgrade process before upgrading. Detailed steps are listed here, please take a reference.
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