1

There are two steps that I can decipher from the documentation to upgrade from Standard License to Enterprise License.

  1. Apply the Enterprise License Key
  2. Enable Enterprise Features on Existing Sites

Does this process require downtime on the Farm?

2

It is Sku upgrade process, in background config wizard ran to upgrade Sku from std to enterprise.it is sort of outage but minimal.

I highly recommend perform a full farm backup then schedule this change after hours.

Read this https://sharepointryan.com/2013/07/10/upgrading-a-multi-server-sharepoint-farm-from-standard-to-enterprise-lessons-learned/

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