Hello @Aamir Masthan ,
Yes you can do that . But just to be on the safer side , I would suggest you to take a backup of your ADFS server individually using the ADFS rapid restore tool. Changing and updating the ADFS service account password would not cause any issue as far as my experience goes however just to be on the safer side , I would suggest to take a backup so that you can restore it in case you require to migrate the service to a new server due to any mishap. During restore you can set a new service account as needed because restore procedure backs up the configuration and sets up the permissions on the new service account provided by you again rather than using the old service account.
Hope the above clarifies your query. In case the information provided in this query helps you , please do accept it as answer so that it helps other community members searching for similar solutions. In case of any further query , feel free to ask and we will be happy to help.
Thank you.