In Odoo 18 (Community or Enterprise), managing raw materials across Manufacturing Orders (MOs) while handling priority shifts can be delicate, but your scenario is definitely manageable.

Put on Hold: Just change the schedule date and maybe Unplan if you use work orders.

Unreserve raw materials on the order where you will not use the material and check availability on the new order. 

If you are using 2-step manufacturing and picking for each manufacturing order (in the picking operation source = manufacturing order), you should change reservation in the picking operation.