Check the laptop below, open it to see whether it is using 2.5" SSD or NVME. Usually it is replaceable.

Performance affected will be more storage space and faster read/write, if the replacement SSD is of better spec.

Win 10 tied your license to your motherboard, so changing SSD will not need you to buy new license.

You could also use disk cloning software so that you no need to reinstall everything.