Suggestion needed: Upgrading a legacy rails app

I have a legacy codebase which was written in Rails4.2 . This predates the whole webpacker era, so relying on plain HTML, CSS, jQuery and life was simple. I am reading up on Rails 7 these days and wondering if I should move to Rails 7 and try Hotwire. The traditional approach would have been to migrate from Rails 4 to 5 to 6 , but needed suggestions if that even makes sense for upgrading this old codebase. Should I not rather start a new repo and start making adjustments with Rails 7 in mind?