Yes, mostly. You need to be aware that certain directories in your home folder may impact your new install, like .config, .local…etc. Rename those, and keep a backup, or exclude them initially on the copy over.
Are you sure even need a second partition?
You can just give the space where needed between root and home. Partition schemes are very subjective to user preference. I have 5 for instance, with my home taking the bulk of all space, so it’s portable.
Encryption would be done at the filesystem, not the device. It may have an acceleration chip (I don’t know), but if any drive “has encryption”, it would be to a hardware key on a controller board. Not a feature you generally see outside of storage array controllers, but maybe your board has that. In any case, I would opt for LUKS instead if you’re unfamiliar.