does the update activation code work for installing the full version...?

i just bought the upgrade from Cubase Pro 9 to Pro 9.5

coincidentally, i also just bought a new computer.

presumably i can download the installer for the full version of Cubase Pro 9.5, and the update activation code i just received will work?

(rather than installing version 9 first, then updating it to 9.5, which seems crazy)

thanks!

The activation is basically unrelated to your Cubase installation.
As long as you have your dongle plugged in and elicenser control centre installed you can upgrade your license.

Install only the version you want to use.