Yes, the free version of the theme is compatible with the latest WordPress version as well as WooCommerce.
Regarding your query about the updates, the development and enhancements on our products is a continuous process and our developer team work hard to release new updates. However, there is no specific date to release new updates and hence we are unable to specify you the exact date regarding this query.
Hope this clears your confusion,
Feel free to reach us for any further query/confusion,
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