Can you update an iPhone from an .ipsw without losing all settings?

I want to upgrade an iPhone SE (1st gen) from iOS 14.3 to 14.8, not iOS 15. (Evidently, Apple added the code that allows you to stay on the iOS 14 track at a later date, as it only shows options for upgrading to iOS 15.) I've downloaded the correct .ipsw file and verified the sha1 checksum on [theiphonewiki.com](https://www.theiphonewiki.com/wiki/Firmware) . Will restoring from that wipe all the settings? (apps, network, home screen layout etc. etc.) and if so, is there any way I can back the settings up first? Remember I'm upgrading (from 14.3 to 14.8), not downgrading, should that make a difference… (I am currently running iTunes on macOS Mojave.) Thanks.