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The CuteFTP installer makes an upgrade intuitive, so long as it’s the same major version and same product type. As long as you are upgrading within the same product type (Home/Pro/Lite) and same major version (CuteFTP 8), then the regular installer will automatically upgrade the existing installation using all of the existing file locations and settings.
If you upgrade from one major version to another (CuteFTP 7 to CuteFTP 8) or from one product type to another (Lite to Home, Home to Pro, Lite to Pro) then CuteFTP installs as a new application. This means that if you do not want your old CuteFTP installation, you will need to uninstall it. The "upgrade" will not uninstall it.
As a precaution, you should backup your old application files and settings files before doing an upgrade, just in case you want to go back to your previous version.