Can you please post your exact Windows version using winver?
Yes, it works. The Missing Files dialog that appears when Shotcut cannot locate the files is your friend. It not only helps to fix the project for the new paths, it can help you identify files that have not yet copied. I recently found and fixed a bug when porting projects that use HTML-based filters from Windows to a non-Windows system. Those are supposed to be repaired automatically, but they will appear in the Missing Files dialog. Simply locate them in your new installation, but that will be very challenging if you are using Flatpak or AppImage as these are too confined. Snap or the portable tar versions of Shotcut are the way to go. Avoid using the packaged version of Shotcut.