Microsoft 365 Backup and Microsoft 365 Backup Storage at Ignite 2023

Is this product suitable for archiving of to-be-decommissioned M365 tenants, for potential recovery into another tenant? I'm thinking of a scenario where Company X is acquired by Company Y and the 'active' M365 content ('active' Sharepoint sites, OneDrive and mailboxes from active users) is migrated from the X tenant to the Y tenant. However, the X contents of 'inactive' sites in particular may be required in future and although this is unlikely, it is a possibility. The requirement therefore is to retain access to the entire contents of Company X tenant after it has been decommissioned, but have the ability to restore into the Y tenant if required. I understand we could migrate the entire contents of X into Y as an alternative solution before decommissioning X, but this would incur some significant additional migration tool licensing