I have been tasked the same by customers because there is always some opposition inside organizations to migrate databases from SQL Server to PaaS databases.
The rollback plan for SQL Server on-premises to SQL Server VM on Azure (IaaS) is easier, just have them on the same SQL Server version/build and backup to URL/restore could make it easy.
However, with PaaS is not that easy as it may not be possible to restore native Azure Managed Instances backups on SQL Server instances as mentioned here. So you may want to rely on bacpacs as a way to "backup" data on a Managed Instance and restore it on a SQL Server instance, but that SQL Server instance should be version 2019 with all cumulative updates applied. Test it because even with bacpacs surprises may occurs based on my own experience as Azure Managed Instances and PaaS databases builds are way ahead of the latest cumulative available for SQL Server.
One suggestion if you finally decide to migrate to Azure Managed Instance, make sure the log rate of your databases on SQL Server premises is not higher than the log rate limit for Managed Instances.
Hope this helps.