Which dedupe process to use?

I’m looking to dedupe my list but don’t want to lose any data I need. I spoke to somebody who said that I should use the dedupe process that prioritises older data instead of taking the newer data first.

This isn’t ideal as contacts have been imported that already existed and they likely have new addresses/contact info in a few cases and I’d like to have the most up to date information.

I was told that overwriting old data with the newer records can cause issues because it deletes the note history and tags of the older records. Is this the case?

Will I be alright to use the ‘overwrite’ dedupe method, it’s important that I don’t lose any tag data.