Yes, it is safe to delete the Android and IOS folder and you can make it again by following steps:
1.First Method:
react-native eject <=0.59.0
React-native had this command in the previous version. Running this command will check if the ios and android directories exist and then rebuild whichever one is missing.
sudo rm -rf android/ ios/
react-native eject // Will create new Android and IOS folder.
react-native link
react-native run-android
2.Second Method:
react-native upgrade --legacy true>=0.60.0
Now you should use the react-native upgrade --legacy true command to back up your android folders or ios as the case may be as this command will replace your files.