Hi Binary, I suggest avoiding Bluehost and all the EIG hostings. You might see a lot of complaints about them where their service deteriorates over time, resulting in errors, and they might even delete the site without notice. They even force sell premium plans to undo the delete (Warning: have an offsite backup).
If you do not want to get into the technicality of the hosting and do not want to manage a server but focus on the content writing part, then you should choose managed to host. There are a lot of managed hosting players in the market, both premium (Kinsta, WPEngine,) and budget-friendly (Cloudways, Rocket.net). It ultimately boils down to what they offer and what you seek.
Most managed cloud providers do offer zero-downtime site migration. Hence there won't be a headache for you to switch away from BH.
I manage two servers with DigitalOcean, which is super great, and I have been with them since inception. You can utilize Cloudflare CDN + Budget Friendly Managed VPS hosting for the amount of traffic and data consumption you mentioned.
In the case of VPS, I can suggest having at least 2GB RAM + and a 2vCPU server to iron out issues, and it also adds an extra buffer for sudden spikes in traffic.
As I mentioned, I've been using DO since the beginning; they have recently acquired Cloudways, so I can blindly suggest going with Cloudways as Managed VPS partner; of course, you can do your own research to find something better.
As far as SEO is concerned, yes - site speed and glitches harm the ranking. It's an excellent time to step forward and switch to something better than sitting on a ticking bomb.
I hope it helps! Kushal.