Yes...
New Elementor Free version has compatibility issues with other elementor addons like Element Pack.
Wait for updates of other plugins.
Yes you will be given a list of addons in your plugins tab on your dashboard that are not fully compatible yet with Elementor 3.5.0 when you first install and activate the new version.
You have a choice and that depends on yourself and your own needs.
As
@cerapa has said, you can hold back and not update Elementor to v3.5.0 and hang fire until all your existing plugins/addons have been tested with the new Elementor update.
However, there is no guarantee that your existing plugin/addon will be tested very soon and you could be waiting for it to be tested for some time, or maybe only fully tested in the next update which could be a week away or a month away.
Question here is how long are you prepared to wait here?
Or you can simply choose to update Elementor v3.5.0 and know that you might run into some bugs or issues as some of your existing plugins/addons are not fully tested with the new version of Elementor.
I go with the latter and have newest version of Elementor as that is the main plugin being used and the rest are only addons that can enhance it, which can always be worked around if there is a small bug or issue etc.