Can you delete the old installation directories after an upgrade? Yes.
Should you delete them? That gets down into your companies policies and your confidence as an administrator. I think it's generally good to keep the immediate previous version around in case a rollback is needed, or if you had customizations that didn't get copied over into the new installation directory. Having this copy on-disk is my personal preference. But if you're happy with your company's retention policy (meaning it is easy to recover things from backups if you need to) or 100% certain you won't roll back or need to reference the previous install, delete away.
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