Your WishList Member license does not contain any settings or data. This is because all WishList Member settings and data is stored in the WordPress database including membership settings, members, etc.
This means if you deactivate the WishList Member license from one site and then activate the license on another site, no site or member data will be transferred.
The license key is used to activate the WishList Member plugin on the URL. So, if you want to transfer data from one site to another site, you can create a full back up of the WordPress database and transfer that to the new site. This will include all WishList Member settings.
More details on deactivating or activating a WishList Member license on a site can be found Right Here.
