I don't think you can change it on a running VM, you must shutdown or reboot it (but this can be easily tested). I've switched Windows 10 from 7.2 to 6.2 after installation and after a few reboots it worked fine. AMD Windows graphics drivers work on 6.2 but not 7.2 in my experience, maybe other drivers work better on other versions. Windows often does not handle (virtual) hardware changes very well, Linux usually has no problem. Make sure to have backups.
What have you tried? What are you worried about? Anything specific, otherwise I suggest searching the
QEMU documentation for more detailed information.