I cannot update my theme from 4.20.3 to the current 4.24.1 due to the license key issue. There is no option on WP in the theme area to update theme. (Not the child) I cannot update w/o the license key and the theme, as you know, will not accept the license.
You must update the theme manually in this case. See this article
Max from the Sonaar.io Crew
By deleting, am I going to lose my site or will everything be restored as it was with the updated theme after I upload and activate it?
You won't lose anything and everything will be there once your activate the theme.
Thank you, Max!