I’m planning to move from librewolf to librewolf-bin for faster installation, I’ve been using librewolf for a while now though and I worry about losing all my settings, my bookmarks, addon list and so on, do I need to make a backup or something? Or will it use the same folders and so I shouldn’t worry about it?
Will I need to uninstall librewolf first or is there a quick way to do it without having to worry?
It should use the same directory. But make a backup, just in case, and then just install librewolf-bin, it should automatically remove librewolf without touching your home directory.
Both packages are exactly same other than the way they are installed. This means they both keep there configuration file also in the same place.
Making one is always better then not making one 
To migrate you can duplicate the ~/.librewolf folder and name it ~/.librewolf.bak and remove librewolf package. Once you install and launch librewolf-bin it should automatically read configs from ~/.librewolf.
Thank you very much my good sirs, the switch is now complete.