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What will happen if we disable the existing workflow? Will it affect the old transactions awaiting approval?

Yes, inactivating or setting the 'release status' to `suspended` will affect the old transactions awaiting approval.
read <https://system.netsuite.com/app/help/helpcenter.nl?fid=section_n2779229|this> in regards to 'Not Initiating' mode, that may be the setting you want

Thanks. Do we need to edit the existing transaction and trigger the new workflow for all impacted transactions?

Not Initiating (Not initiating mode)
New instances of the workflow do not initiate but already running instances of the workflow will continue to run. The workflow still appears on the Workflow list page.
Similar to inactivating a workflow.