Upgrade React Native APP

I need assistance updating my mobile app built with React Native 0.66.4 to meet Google Play’s new target API level 34 (or 35).
Here is codebaes : https://github.com/tidy-mc/reactnativeapp/
You can choose between two upgrade methods:
1. Incremental upgrades (recommended for smaller version jumps)
2. Creating a new project (recommended for larger version gaps or significant project restructuring)

Requirements:
- Update the app’s target API level to the latest required version.
- Update dependencies if needed.
- Test on recent Android versions.
- Prepare the release build.
- Submit and publish the updated package to the Google Play Store.

Tech Stack:
- React Native 0.66.4
- Original project used Java 11


Ideal Skills & Experience:
- Proficiency in React Native and Android development
- Experience with Google Play Store submissions
- Familiarity with API level requirements and dependency management
- Strong testing skills on various Android versions

Please provide suggestions on the best upgrade method. Ensure a smooth upgrade without breaking existing functionalities.