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Hello Conor D! I'm Gunasekar and I'd be happy to help you with your question.
Microsoft will send your code to the security verification methods that you selected when creating the account in order to access the security data on your Microsoft account. This is to make sure you (the owner) are attempting to access the account.
The code will be emailed to the old email address or Phone number you supplied as a security verification method. If you no longer have access to your Old Phone number or email address, it is recommended to change the security info in your account. That is, the previously added methods to your account were removed and replaced with new info and you need to wait 30-days for the changes to take effect.
Having read your concern, it looks like you have already changed the security information in your account. If you do, your account will be put into restricted state for 30 days.
There are still things you may be able to do with your account, but in most cases, you won't be able to access any Microsoft site that asks for this security verification info. It is always good practice to add multiple verification methods to your account. Even if one method fails, you can request the security code to an alternate phone number to verify it's you.
Here's the related article for your reference:
https://support.microsoft.com/help/cbd0f64f-02d9-45d2-90c3-2375e5a72e52
I hope this information helps. If you have any questions, please let me know and I’ll be glad to assist you further.
Best regards,
Gunasekar N