Orphaned group

What happens if the instance that is the home of my group dies/gets shut down? Can a group be re-homed to a new instance/server?

Relatedly, I was considering creating myself an account on a second instance, and adding that account as a co-admin, for redundancy’s sake. Is there any (likely?) scenario where that would be useful?

Sadly no, groups, like profiles on the fediverse, are bound to the domain names they use.

Creating a second administrator for the group won’t save it from drying if the instance it was created on dies.

That’s one weakness of the Fediverse: There is (currently) no way to transfer your profile/data from one instance to another.
This is « decentralized », not distributed nor peertopeer.
When choosing Fediverse, you escape the gafam monopoly but you still need to find someone trustful.