No, you would have to update to the latest ISPConfig (3.1), as older versions (3.0) are not supported on ubuntu 16, so 'update ispconfig' needs to be part of your plan as well. I do not know offhand if you can do-release-upgrade first, then just run a normal ispconfig update/reconfigure services, or if you have to hit an intermediate version. It's probably safe to: update to the latest ispconfig, then upgrade your OS, then review the ubuntu 16 perfect server guide for your webserver and ensure all dependencies are installed, then force-update ispconfig again to reconfigure services; the first ispconfig update may not be needed, but shouldn't hurt. There are a few threads on the forum here about updating 14->16, some people have had a few issues, others haven't. Eg. see https://www.howtoforge.com/communit...ntu-14-04-to-16-04-will-it-break-stuff.76071/ and others at https://www.google.com/search?q=site:www.howtoforge.com+upgrade+ubuntu+16
I think you should be able to upgrade to 16.04.3 LTS (recent one) just fine. Don't forget to reconfigure you ISPC once you finish upgrading your Ubuntu distro.