Hello Bridterry, Yup you are almost correct except the license key part shown in settings. That is not the license of your Windows 10.
And as far my opinion I will suggest you if you have the new machine you can switch it on. It will cause no harm with W11. You can still upgrade it on your new machine.
Now in order to find the license key of your Windows 10, follow this:
Type in the search box Command Prompt, right click and select RUN AS ADMIN option
Once open, type this command in it and your 25 digit product key will appear, which you can save it somewhere else
wmic path softwarelicensingservice get OA3xOriginalProductKey
Let me know if I can help you with anything else. Adios and cheers. Hope you are safe and are doing good?