Replacing/Upgrading drives in T550

Howdy all.

We have a Dell T550 with a PERC H755. Currently 8 x 1TB SSDs in RAID 5 w/hot spare. I want to replace the 1TBs with 2TBs drives. Back in the day to avoid downtime it would just be replace one, rebuild, replace next, rebuild, when done increase RAID size. Now however I'm being told that will no longer work and the only way to do it is to either backup the server, replace disks, create new virtual disk, restore or migrate the VMs to another host, replace drives, rebuild server, migrate VMs back.

Is this accurate in that it's the only way to do it now?

Thanks