Yes, the license can be renewed with a new subscription added to the device in the Meraki Dashboard. You would purchase an additional license for the same switch for your desired term (e.g., another 5 years). The renewal typically must be applied before the current license expires to maintain uninterrupted service.
Product FAQ
Cisco Meraki MS210-24P Enterprise License and Switches & Hubs LIC-MS210-24P-5YR
SKU / Model: LIC-MS210-24P-5YR. Confirm critical technical, compatibility and commercial details before purchase.