The original installation remains untouched, and all the documents/files are still there, however, I had to re-install the Applications for the new install.
For example, the original volume was (in my case) "/Volumes/Macintosh HD", and the files were accessible as usual:
$> ls -l /Volumes/Macintosh\ HD/Users/<user_name>
and the files for the new installation are under:
$> ls -l /Volumes/sequoia_v15/Users/<user_name>
Not sure if the Applications from the original installation location would still be able to execute, and most likely they won't be able to execute from the original installation, since the OS version and Library locations etc. are changing.
Creating a new Volume, installing the latest OS version with softwareupdate command gives chance to try the latest OS version(s) to see if the issue is resolved 8-)
Hope it helps.
Thanks.