React Native: If I'm updating targetSdkVersion, should I update anything else?

Question

I'm upgrading the version of React Native OneSignal to 4.8.0, and in the ChangeLog it says change your Android targetSdk to 33. I currently have compileSdkVersion and targetSdkVersion both set to 31.

What I Want To Know:

1. Should I also set compileSdkVersion to 33?

2. If I'm updating one of both of these properties, is there anything else in my code that I should update?