Yes. This means they will experience the story again.
Provided the school transfers the student login code, their Multiverse data will transfer with them. The game will determine what difficulty level to apply based on the student year group.
There are three difficulty levels for each grade.
If the student is in a different year group, Multiverse will change.
The total hours online can be considered Space Hours. These hours do not represent actual hours of playtime. Multiverse continues to award XP points from trading places when students are not playing.