Identity upgrade pre-upgrade clarifications

We are using federated SSO.

Creating a new SP in Identity provider system:
For pre upgrade tasks, when we create a new SP in corporate Identity provider, and then for updating the metadata of new SP in Cloud Console- do we update the existing Identity provider row or would we need to create a new identity provider row in Cloud Console.  

In case we update the existing Identity provider row, will the SSO continue to work till the upgrade happens? and will it automatically switch to new metadata when the identity upgrade happens?

 

New OCI IAM configuration question:
Do we keep the configuration parameters for the new SP in corporate Identity provider, same as that of the existing SP configuration.