It works fine. In fact, it is possible to run the old version straight out of the renamed folder. Keep in mind, the shared folders would still be updated.
This is how I have multiple version of SONAR Platinum and CbB available on my PC.
I also keep the Cakewalk installers just in case there is a need to rollback the shared folders. While BandLab Assistant deletes the installer, it is possible to make a copy of the installer before it gets deleted. Make the copy while the installer is waiting for user input. BandLab Assistant downloads into
%appdata%\bandlab-assistant\Downloads