The main issue is the config.edb file has 3-4 values that are hard-coded with the VBO proxy settings, so if you move to a new server, VBO backups will start to fail. Thus, the official recommendation is to move the data, but manually re-create all orgs and backup jobs. That HURTS. Same goes with the "failed to retrieve licenses for X users" error if you rename the server, or change domain.
This is tested in production over the last few weeks, fully open source, Veeam support know about it and were glad it resolved a bug for us (upgrading from V5 to V7 triggered an issue to do with the hostname).
Repo: https://github.com/platima/veeam-host-rename-or-move/
Reddit Thread: https://www.reddit.com/r/Veeam/comments/19cmkrr/i_wrote_a_c_tool_so_you_can_move_vbo_365_config/
Screenshot:
Enjoy!