I am planning to get a new computer and I am wondering if I can use Sync to migrate all my numerous bookmarks and passwords over to the new PC?

Plan A. How can I import my bookmarks from firefox sync and not from a saved backup? https://support.mozilla.org/en-US/questions/1217674

Or do I need to export all this info into a file or files and then load that on my computer?

Plan B. You can backup bookmarks and passwords, of course, but... Firefox 80: Import & Export Passwords and Logins from/to CSV File https://techdows.com/2020/07/firefox-import-export-logins-passwords-csv-file.html Last updated on July 6, 2020 By Venkat Quote - "Since then, Mozilla has been working on implementing passwords import support in Firefox and it has been landed in Nightly." So, importing passwords is not available yet as for now (FF 85.0b1 for Linux here).

It'd be better to think in Profile category: Back up and restore information in Firefox profiles https://support.mozilla.org/en-US/kb/back-and-restore-information-firefox-profiles

Also if I can use Sync to move all my bookmarks and passwords over... can I store this information on the hard drive of the new pc or is it stored on the cloud?

Think about Profile, again. You can then. Clouds? Cannot you place there your encoded profile file yourself?

Sync is a good way to share data between systems / profiles. Note: Not all data can be shared between different versions of Firefox.

https://support.mozilla.org/en-US/kb/how-do-i-set-sync-my-computer Sync your bookmarks, history, passwords, add-ons and open tabs with another copy of Firefox. Learn how to set up Sync.

https://support.mozilla.org/en-US/kb/how-do-i-choose-what-types-information-sync-firefox We'll show you how to choose which types of information (bookmarks, history, add-ons, and passwords) to share across all your devices through Firefox Sync.

https://support.mozilla.org/en-US/kb/firefox-sync-troubleshooting-and-tips

https://support.mozilla.org/en-US/kb/sync-firefox-bookmarks-and-browsing-history-iOS Sync your passwords, history, tabs and other browsing information across your iOS, Android and desktop computers with Firefox Accounts.

You can copy certain files with Firefox closed to the current profile folder to transfer or recover personal data. Note that best is to avoid copying a full profile folder.

You can use the button on the "Help -> Troubleshooting Information" (about:support) page to go to the current Firefox profile folder or use the about:profiles page.

• Help -> Troubleshooting Information -> Profile Folder/Directory:
  Windows: Open Folder; Linux: Open Directory; Mac: Show in Finder
• https://support.mozilla.org/en-US/kb/profiles-where-firefox-stores-user-data

• bookmarks and history: places.sqlite
• favicons: favicons.sqlite
• bookmark backups: compressed .jsonlz4 JSON backups in the bookmarkbackups folder
• cookies.sqlite for the Cookies
• formhistory.sqlite for saved autocomplete Form Data
• logins.json (encrypted logins;32+) and key4.db (decryption key;58+) for Passwords saved in the Password Manager
  key3.db support ended in 73+; to use key3.db in 58-72, make sure to remove key4.db
• cert9.db (58+) for (intermediate) certificates stored in the Certificate Manager
• persdict.dat for words added to the spell checker dictionary
• permissions.sqlite for Permissions and possibly content-prefs.sqlite for other website specific data (Site Preferences)
• sessionstore.jsonlz4 for open tabs and pinned tabs (see also the sessionstore-backups folder)

You can copy certain files with Firefox closed to the current profile folder to transfer or recover personal data. Note that best is to avoid copying a full profile folder.

You can use the button on the "Help -> Troubleshooting Information" (about:support) page to go to the current Firefox profile folder or use the about:profiles page.

• Help -> Troubleshooting Information -> Profile Folder/Directory:
  Windows: Open Folder; Linux: Open Directory; Mac: Show in Finder
• https://support.mozilla.org/en-US/kb/profiles-where-firefox-stores-user-data

• bookmarks and history: places.sqlite
• favicons: favicons.sqlite
• bookmark backups: compressed .jsonlz4 JSON backups in the bookmarkbackups folder
• cookies.sqlite for the Cookies
• formhistory.sqlite for saved autocomplete Form Data
• logins.json (encrypted logins;32+) and key4.db (decryption key;58+) for Passwords saved in the Password Manager
  key3.db support ended in 73+; to use key3.db in 58-72, make sure to remove key4.db
• cert9.db (58+) for (intermediate) certificates stored in the Certificate Manager
• persdict.dat for words added to the spell checker dictionary
• permissions.sqlite for Permissions and possibly content-prefs.sqlite for other website specific data (Site Preferences)
• sessionstore.jsonlz4 for open tabs and pinned tabs (see also the sessionstore-backups folder)