Yes, this is possible. Your disks are actually on remote storage so the VM host will be on different hardware anyway. The process is to first stop your VM and then select the new size. If the size is not available after you stop your VM then you may need to check if this VM series is available in your region here: https://azure.microsoft.com/en-us/global-infrastructure/services/?products=virtual-machines and also check if you have a quota for this size - https://learn.microsoft.com/en-us/azure/networking/check-usage-against-limits. If not then you would need to log a support ticket with Microsoft to request an increase.
You can exchange the reservation at any stage, this will not prevent you from resizing the VM but note you will want to exchange the reservation as soon as possible to avoid being double charged. I recommend to resize your VM first and when that operation is successful then to perform the reservation exchange to the new size.