I do not believe there is any way to relocate the .vs
folder, but the better question is why would you need to? Since it is simply a temp file cache specific to only that solution moving it out of the scope of that folder to a different folder effectively does nothing. If there is no advantage, then why move it?
For example: When moving the NuGet folder it allows you to share the locally downloaded package cache with multiple solutions, saving disk space, network resources, and time. This has a clear advantage
If you simply need to remove that folder for cleanup purposes only (for instance to share it with someone) you can delete it at any time without any concern. It will be auto generated again the next time you build your solution, but it is not required if you just want to share your codebase.