It's generally better to pull the old drive, such that the OS install knows about and writes only to the new NVME drive. If you don't pull the old one, you'll sometimes have critical OS files from the new install pointing at the old drive.
Once everything is done on the install of the new OS (reusing your license key), then you can plug the old OS drive back in, accessing the files on it, if needed. Just need to make sure that the PC is booting only from the new drive, not the old one (fiddle with your bios settings).
If you try to "dual-boot" amonst the two OS's, it could get complicated and messy ... if you want a real clean solution to this, I would put the old drive in an external drive shoebox, and then it plugs in like a USB device to access files. If you really had to boot from it, a few bios setting changes, and you can boot from the external USB drive.
Hope this helps ...