If the former is possible but not the latter, then I agree it isn't really very interesting. It's just a new way to spawn intelligent lifeforms, but we'll surely have many ways to do that by then. But I feel like if we can actually crack that, then we can eventually crack the second problem, too. The most popular hypothesis seems to be a Ship of Theseus-style gradual replacement / transition for some level of granularity (perhaps individual atoms, molecules, or neurons). We're fundamentally in the dark in so many ways at the moment that it seems unclear if these are plausible, obvious, or absurd.
Possible in the lifetimes of anyone reading this today? No (even if longevity breakthroughs accelerate like crazy). But if human or human-derived intelligence is still around in 1000, 100,000, 100,000,000 years from now, it's impossible to speculate what we may be capable of. If colonizing millions of galaxies becomes a boring walk in the park (via self-propagating autonomous constructs, for instance), then moving your consciousness to different tenancies while fully preserving your original self doesn't seem that insane. Maybe future "humans" will even skip the "middleman" (literally) and just be "born" directly into a non-biological housing from the start so that the transfer step won't be necessary, and maybe the "A" in AGI will become a non-sequitur.