Some classes will probably have different names though which could result in things getting messy.
I'm looking into the archiving method for this issue. When archiving a team the content of the team is made read only, but still fully accessible for both teachers and students. Also, when teachers setup their class notebook in a new team they will have the option to import content from an existing class notebook, including notebooks in archived teams. Last but not least any assignments from archived teams should be available to reuse as well, in assignments just click Createfollowed by From existing, then choose the archived team, pick an assignment and assign to the new class.