One caveat for larger communities: keep an eye on the indexes. At a few thousand rows the difference is night and day.

Short answer: yes, and here is the supported path.

  1. Open the relevant settings panel.
  2. Make the change there rather than editing files.
  3. Save, then reload to confirm.

Doing it this way means your change survives updates. Hand-editing files does not.

Solid breakdown. The only thing I would add is to back up before making the change — better safe than sorry.