No. (Although this depends on what you mean by mutually exclusive - booting or setting OTP bit.)
You don’t say which model Pi you have; the instructions to set the OTP bit only apply to the Pi3.
The OTP bit is set by default on the Pi3B+ (as vcgencmd otp_dump | grep 17: shows) but it boots from SD Card if no device is detected within 5 seconds.
You can try to just copy the image of the source SSD to the destination SSD. The destination SSD must have at least exactly the same size than the source SSD, better a bit more to be on the save side so the image from the source will fit onto the destination. If it doesn't fit you will see it only at the end of copying after hours.
Just attach both SSD to ...
It might happen that windows has no proper mDNS client. This might cause that raspberrypi.local is not registered.
You can resolve this by installing something like Bonjour.
Check the adafruit guide on zeroconf networking for further information.