I guess it could be done easily via Powershell and the AzureAD module however I've got couple of doubts and it seems I can't find the proper documentation to help me to dispel them.
Thanks in advance for your help.
EXO is using Azure AD as the user directory. This means that changes made for a user in Azure AD will automatically be reflected in EXO (where relevant, of course).
If you want to ensure the previous email address as an alias I suggest you set this in EXO as part of your scripting.