Hi @Sunil Deshpande ,
The answer is No. You need to buy SQL server 2019 Standard/Enterprise license for your new SQL server 2019 Standard/Enterprise Edition.
Different SQL server version has different SQL server license. SQL server 2016 license can only be used for SQL server 2016. SQL server 2019 license can only be used for SQL 2019.
If the answer is helpful, please click "Accept Answer" and kindly upvote it. If you have extra questions about this answer, please click "Comment".