This is the million-dollar question for many businesses that use older versions of the Umbraco CMS. There are substantial business benefits to Umbraco 8: specifically around improvements to editing features for Multilingual sites; and improvements in site speed introduced by Nucache. And of course Umbraco 8 has a longer shelf life - the retirement of Umbraco has been announced, so while Umbraco 7 continues to be patched for security reasons it isn’t benefiting from future product developments.
However, there is a cost to upgrading a site to Umbraco 8. Umbraco 8 is a substantial breaking change (hence the major version number change) and all of the custom code in an Umbraco 7 site, including Views, Partial Views and Controllers will require changes to make them compatible with Umbraco 8.
TL;DR For most scenarios yes. #YMMV
Umbraco 8 was launched with much fanfair in Feburary 2019, and as with most software there were some initial teething troubles which were quickly fixed. But with 6 months passing, we began to wonder was Umbraco 8 ready for use in production environments.
After much research and testing, including a practical Proof of Concept, we feel that without a doubt the core CMS is ready for use for most production scenarios. However, there are some scenarios where you should be cautious before continuing, and some where Umbraco 8 is not production ready.