Yes, it’s even encouraged! As a good package developer, you should generally try to keep your dependencies up to date. The CompatHelper.jl GitHub action is really helpful for that.
You also mention that you use the tilde specifier for your compat entries. Generally, you should prefer the caret specifier (you can leave the caret off), unless you have reason not to, since that will give you the compatibility behavior as specified by semver and you will have to bump your compat entries less. See also 6. Compatibility · Pkg.jl.
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