Yes, it will work without any issue. This is called offline backup in AEM.
The important thing to remember that make sure you change correct run mode before you start AEM at the new location.
Read here more about offline Backup and Restore
Offline Backup
You can always do an offline backup. This requires a downtime of AEM, but can be quite efficient in terms of required time compared to an online backup.
In most cases, you will use a filesystem snapshot to create a read-only copy of the storage at that time. To create a offline backup perform these steps:
- stop the application
- make a snapshot backup
- start the application