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If you are still using CentOS 7.9, it's time to convert to Alma 8 with the free centos2alma tool by Plesk or Plesk Migrator. Please let us know your experiences or concerns in this thread: CentOS2Alma discussion
As i know update to 7.5.4 quite stable. I've updated both my servers without any problems. Update just replace some files in Plesk and doesn't affect any data. Not sure if i'm really lucky men but updates doesn't bother me.
Update plesk 7.5.3 to 7.5.4 is safe: I've done it on 2 server and all goes well.
I've only stopped all the Plesk service on the machine and in 15 minutes I've got the server up again.