There is no "best" scenario because it depends on many factors. Some factors are your system administration skill and linux knowledge. So if you are very skilled system administrator and knows how linux works then you can try to Elevate your server/VPS to Almalinux 8/9. If you aren't very skilled then prepare a new fresh server and migrate your accounts from the old server to new using CWP migration tools.
Please don't be offended but if you ask such questions and need "step by step" instructions then it means you have average system administration skills and linux knowledge. Therefore you could be unable to fix unmet dependencies during the ELevating. That is why I think the way of migration/transfer should be best for you.