Encryption – Should I upgrade old volumes to Cryptsetup's new encryption mode?

old cryptsetup default is es-cbc-essiv: sha256, the new one is aes-xts-plain64: sha256, I do not know much about cryptography, but I assume the standard has changed for a reason.
Here you will also find information such as:

[…] If your device is still encrypted with the previous standard encryption (cryptsetup <1.6.0) –cipher aes-cbc-essiv, there may be a greater loss of information when viewing truncated sectors than with the current standard encryption.

Should I update my old encrypted volumes?