Gitlab backup and restore without LFS to migrate to new server

I am using the backup/restore method to migrate my self-managed gitlab instance to a new server (RHEL7 to RHEL8). My question is: My LFS location points to a network directory. I run my backup with SKIP=lfs. Can I restore this backup to the new server and it will find the LFS files on the network? Or do I need to do a complete backup including LFS files? (would take a long time and produce a huge backup file)

Thanks,

Moshe