Yes. This will happen after the steps from (1) are complete, when the customer in Stripe is assigned a new subscription.
The customer exists in Stripe already (in my case) because WooCommerce Subscriptions creates a customer in Stripe with a membership purchase, so the relevant data exists - including the credit card info.
Could this be fed a csv file instead of doing it one by one?
I think this will be a big barrier for anyone with an established membership-based community, therefore we’ll see only new communities taking it up.