There are no updates to your current version but if you still have your activation code you could try and see if the upgrade option on the Magix website will accept it and offer you an upgrade price to the new version.
The program has had a name change to Magix Movie Studio but is essentially the same program updated to run on Windows 10 and 11 as long as the supporting hardware is there to cope with the increased demands of the new program. A lot will also depend on what types of files you are using and their resolutions as to how much more powerful that should be.
Do take a good look at the specs page and make sure your current system could cope. If you have any doubts you could post the specifications of your machine here along with what you would use the program for.
There are essentially 3 versions of the program each progressively offering a little more in the way of options for editing. I personally would not consider the base option and go for at least the platinum version. You can see the variations here.
Some of your old projects may not be completely compatible with the new program. Some feature you are used to seeing may be missing while others have been added or altered in how they work.
If you have any further questions please come back and someone should answer them.