Before I update my plugin

We changed the screen options on the product page to display 700 images and now have a fatal error: Out of memory (allocated 52166656) (tried to allocate 43 bytes) in /homepages/44/d359197309/htdocs/wordpress/wp-includes/wp-db.php on line 1449

If we use the plugin update will it fix this? Will we have to redo our store, products, api etc. if we update the plugin?