Elgg2.3.7 with MySQL 8

Has anyone had experience running Elgg2.3.7 with MySQL8? 

One of my servers still uses Elgg 2.3.7. But this server's MySQL is version 8. I noticed that Elgg 2.3.7 uses utf8 (utf8mb3). While MySQL 8's default charset is utf8mb4. Is it safe to update Elgg tables from utf8 to utf8mb4? or is there a better/systematic approach to update the DB charset?

Additional Info of the server: CentOS 8, PHP 7.4, Apache 2.4.

Thanks so much in advance!

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