A Microsoft app for iOS and Android devices that enables authentication with two-factor verification, phone sign-in, and code generation
If the new phone is functional in all regard with authenticator and accounts then you should be fine to wipe the other phone. You could also turn on cloud backup as an added protection.
https://support.microsoft.com/en-us/account-billing/back-up-and-recover-account-credentials-in-the-authenticator-app-bb939936-7a8d-4e88-bc43-49bc1a700a40
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