Yes, since the program was already installed, a simple redirect to the files on the external drive is all that's needed (in the two places mentioned). Try it.
And now you have an easy way to compare the two types of sound.
BIAB 2021 Win Audiophile & 2020 Mac UltraPak. Software: Studio One 5 Pro, Adobe Audition CC, Notion 6; Win 10 64 Pro. Hardware: custom i7 16 Gb; Roland Integra-7, Presonus Studio 192, Presonus Faderport 8, Royer 121, Adam sub & monitors