Yes, everything should work out as you described. The only other thing to be aware of is if you have Forsaken and/or Shadowkeep on PS4, you would be locked out of that content on Xbox, unless you also buy those expansions for Xbox as well. If you're planning on getting a Game Pass membership, all D2 DLC will be included with that, including Beyond Light, so if you decide to go that route, all you would need to buy on Xbox would be the season pass once the new season starts.
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fantastic, thank you very much for your speedy reply. Might go ahead and sign up for game pass, although ive done to death the forsaken/shadowkeep content and will want to just focus on beyond light content....and beyond