Moving a Server Doesn't Affect T-SQL Connections
Moving an Azure Sql Database server from one subscription to another won’t affect T-SQL connections. It might have impact on management operations (Create Server, Drop Server, Create Database, Drop Database) that are scripted because the subscription identifier is part of the Azure Resource Manager (ARM) Identifier, and anything referencing the Azure Sql Database server with an ARM identifier has to be updated to use the new resource identifier. ARM does the majority of that update behind the scenes so the portal will update correctly but if a customer has any custom application written to query Azure resource information using the ARM Resource identifier it may need to be updated with the new identifier.
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