Launcher Profiles when exported from a Monitor Server and imported to another should go through without error, but 2020R1 HF02 is affected with a bug due to which the import action fails with the following error on the UI:
One or more objects were found invalid.
Error on field 'com.actional.soapstation.db.TrustedCertificateEntry#certificate'
CFGMGR0039: Field 'certificate' must have a value.
This happens when the export of the launcher profile has a reference to a (trusted) certificate but the export definition doesn't have the certificate because neither was it selected by the user and nor did the automatic dependency resolution select it.
This issue was fixed in 2021R2 and you can obtain the installers for the version by following this KB article.
Once Monitor Server is upgraded, you should be able to import the launcher profile into another MS without failure.