The excluded disks may be picked up by the OS completely differently once re-attached to the new VM shell on the new host - since the config will no longer match, you may run into boot issues. For the most part, it depends on how Guest OS treats those drives and what those drives are to the OS.
Product Architect @ SingleHop - Veeam Platinum Service Provider
VCAP-DCD, VCAP-DCA, VCP-NV
Veeam Certified Architect