How to update Microsoft Office Home 2013 side-by-side with Office 2024 Pro on the same system?

I have a Windows 11 laptop with Microsoft Office 2013 Home (Word, Excel… not Outlook), properly licensed.

Now, I would like to update to the new Office 2024 Pro (valid for lifetime). Since this update might cause problems, may I install it besides the old Office 2013?

If this side-by-side installation is not possible, is the installation of the Office 2024 reversible?