I do this with no problems.
I use Free File Sync and Dropbox to mirror the Calibre settings between 2 machines particularly after updating plug ins. I have used it to restore settings after rebuilding my laptop (Which I do a couple of times a year).
Go to Calibre / Preferences / Miscellaneous and Click on "Open Calibre Configuration Directory" to locate the configuration folder. Then simply copy the contents of this folder to your other instillation.
I set up Free file Sync to sync this folder to Dropbox and the same on the other PC and it has worked flawlessly for me for a good while. It will sync all Calibre settings, preference and configuration. I backup this folder every-time I do anything with my Calibre library.
Hope this helps.
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