That’s what I’d do, as it means your don’t have to wait for dns for the transition.
See Move your Discourse Instance to a Different Server. You can copy over the let’s encrypt certificate for zero downtime.
After you set up the new server, put the old one in read only mode, backup, restore to the new server, switch the ip to the new one.
You can save some time by using rsync to move the assets and doing a database only backup. Also, you can save the step of moving the backup if you backup to S3. Spaces is totally fine for backups.