Yes you could do that. Right-click the taskbar icon and go to your account by clicking 'View My Account' and go from there until the web page appears.
You'll see something like the following picture (click to enlarge)
Click 'Subscription' to show licenses in use and deactivate that one.
Uninstall the product.
Install on the new machine. With multiple subscriptions I find it useful to rename the machines shown there to something meaningful.
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Do not ever have any subscription PCs names the same. Even disabled ones as that can cause issues with the account.
Good to know. Thanks for the info.