Great question — answering as the UphillTech team:
Yes, the ranking is based on many factors. Backlinks is only one of them. Others are content, layout, support for mobile etc. If the subject matter remains the same, the the impact may be small If the new content has no relevance to the old one then it will almost certainly have an impact. Google Search Engine likes content update. Just keep it natural and user friendly.
Full answer by Rohit Gupta: https://webmasters.stackexchange.com/a/148785 (CC BY-SA 4.0).
Need it done for your business? UphillTech.