Creator 4.0 is co-existent with Creator 3.3. So there is no reason not to install Creator 4.0, particularly because some errors have been corrected (and only few new been introduced ;-).
So why are you hesitating to install the latest version? Of course the newer chips and modules that came after Creator 3.3 are not supported by the old program, how should it know about.
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I've usually kept up with minor versions but tend to hang back a bit on major versions, and most vendors tend to have overlapping support during a ".0" version transition and support their latest with both versions for a little while. But since Cypress seems to work differently, I guess I'll just have to trust in Cypress QA. So far, 4.0 seems pretty solid, so I'll keep my fingers crossed.
Thus far, the only bad sign has been the HUGE errors I've found (and yes, reported and acknowledged) in the datasheets for CYBLE modules. The software has been solid...