xbliss said:
I have just one small Q about the "Gray" marked para
- Could I let go of the VHD after Export, Save the VM info and in the future Add/ Use a fresh/ different VHD instead? - Since the HWID is tied to the VM (& respective Motherboard like H/w) and not Hard Disk i.e. VHD?

I ask this because in most Real Physical Machines - changing Drives has not had any impact on activation / DE.
A virtual machine is its own entity, with its own GUID (Global Unique Identifier). When that vm is activated with a valid Windows 10 product key, that vm has entitlement to a digital license. You can reinstall wiping the original VHD clean deleting all partitions and install skipping the product key, Windows will be automatically activated. Theoretically you could even replace the VHD, make a new one as long as the VM is the same, but my own experience is that one third of activations fails in these cases.

All four digital activation example videos in this post have been done using a Hyper-V virtual machine: Windows 10 instructional videos by Ten Forums members - Page 113 - Windows 10 Forums

When you create a new vm, it's of course a new machine with a new GUID and needs a separate license.

My recommendation is to export activated virtual machines as soon as they have been activated and not delete any of the exported files. A clean install of Windows 10 on a Hyper-V vm takes less than 10 GB, if you can't afford to save that due lack of storage space then I recommend not to activate it in the first place.

Kari