Can we rename Azure tenant name and what are the impact of doing so?

Hello,

I am relative new to Azure. I have been recently looking for solution of renaming Azure tenant name. However, I got some inconsistent information after I did some initial invesitgation. Some informaton says it is not possible to change the Azure tenant name without getting involved in the hassle of conducting tenant migration, which means I have to create a new tenant with the desired name and migrate everything over. However, I do see some information saying it is now possible to change the tenant name. I saw information regarding renaming SharePoint domain name etc. But I haven't seen anything clearly saying that MS is offically supporting Azure tenant renaming. Or I overlooked anything?

So here are actually my questions:

1. is Microsoft actually supporting Azure Tenant renaming now?
2. If yes, what will be impacted by this from the perspective of M365 as a whole?
3. If not, can I just add a new custom domain name and make necessary changes based on the new custom domain name to make the organziation appear to have a different name/brand to the outside world?

Thank you