Moving MySQL databases/folder to another disk

I want to separate MySQL database from the OS (Ubuntu) disk by moving the entire database to an exclusive HDD (M.2), and update the database folder in my.cnf. *My question is:* when the MySQL folder is on a separate disk, can I safely format the OS disk and install a fresh Ubuntu (and MySQL)? Is it OK to install a fresh MySQL and simply point to the existing MySQL folder on a different disk in the my.cnf of freshly installed MySQL? OR the best practice is to restore the databases from a dump after a fresh install, though the database is still available in the machine?