If we update the license does it wipe out the previous RPM settings?
No, the license status does not affect any of the other RPM settings.
The license is more or less “permission to run” and is very nearly a permanent status, typically changing only if you deactivate the license.
The RPM settings, on the other hand, are nearly all changeable at one time or the other.
You could also look at it this way: the RPM settings describe "how to run" where the license status determines "whether or not to run"