Questions About Instance Migration Due to Hardware Degradation

I have an issue where I received an email from Amazon about instance migration due to hardware degradation. However, it is a server with a very old and sensitive system. I read in the manual that after that day, the instance will be migrated to new hardware.

I would like to know how this procedure works. Is it basically waiting for it to happen and the instance will be shut down on the day? And after that, I turn it back on, and it returns with intact data and also with the same network configuration such as private and public IP.