Hello, this is Emily.
The edition won't change. It will be then Windows 11 Pro for Workstation once you upgrade.
This update is not meant to cause data or app loss. But without knowing any if your current system have any potential chronic issue, it is always a good idea to backup your important data just in case. Not all third party software will work properly after the upgrade because there's a chance of certain software is not compatitable with Windows 11.