rdblan2 , re: "While the upgrade in place is a welcome change, if we're running on-prem on Server 2022...we'd still need to do a migration unless we can upgrade the OS in place as well. Any thoughts about the OS upgrade as well?"
In the Roadmap post, Nino_Bilic has mentioned:
"In addition, because upgrading the OS under Exchange is not supported, moving to WS 2022 (or WS 2025 when available) will give you the most lifetime." (https://techcommunity.microsoft.com/t5/exchange-team-blog/exchange-server-roadmap-update/bc-p/4134706/highlight/true#M39017)
"Upgrade of the Windows Server OS under Exchange installation remains unsupported." (https://techcommunity.microsoft.com/t5/exchange-team-blog/exchange-server-roadmap-update/bc-p/4135842/highlight/true#M39038)
In re: "Are there any plans to eventually support it? The excitement of Exchange in-place upgrade support is muted by the thought of still having to do rebuilds for OS upgrades"
"We hear the request, definitely understand the reasoning behind it. We do not have anything to announce at this time, though, but we heard you (and others that mentioned this)." (https://techcommunity.microsoft.com/t5/exchange-team-blog/exchange-server-roadmap-update/bc-p/4141610/highlight/true#M39071)
One assumes, worst case, individuals would need to migrate Exchange SE again once Windows Server 2022 becomes EOL (Oct 14, 2031). However, that gives The_Exchange_Team a lot of time to perhaps make the migration process easier, or (fingers crossed) support upgrading the OS under Exchange.