Is there any way to have the new 1.14 Minecraft update generate the new structures/mobs/blocks on my old world?

So me and my friends have just recently built up a huge survival world and we know that there's a new big update coming to PS4 soon for Minecraft. We don't want to start over again so I'm wondering if there's a way to get these new features in an old world, and if it's possible to get the new blocks and mobs. I see there's an over write world edged option but i don't know exactly what that does. So anyways if you know the specifics on how updates affect old worlds than please help me out

Don't think it works that way on consoles. On PC, if you update the game then newly generated chunks will generate new ores, structures, mobs etc. On consoles, you don't get the choice to update the world, it'll just play the older version without the new stuff, a new world must be created to get the new stuff.