At each reboot a new class B address will be assigned to WSL 2. At the time of writing, WSL 2 only supports a single dynamic NAT address shared across all distributions. What's more, the virtual hard drive can be exported, moved, and even imported into another computer which is great for backing up your distribution, as well as quickly setting up another machine. Each WSL 2 distribution (Ubuntu or other) is now stored in an ext4 formatted virtual hard drive - ext4.vhdx, dynamically allocated with an initial capacity of 256GB. So the strategy in this case is to keep everything inside your WSL 2 filesystem. However, if you reach out to the default Windows 10 mount points under /mnt/c, /mnt/d etc., you'll find that NTFS performance is less than stellar. Internal file performance for WSL 2 is effectively as performant as the VM's kernel, and a lot faster than WSL 1.
WSL 2 distributions are based on a Microsoft-modified full Linux kernel run as a tightly integrated virtual machine. I'd previously tried setting up all of our development tools under the first version of WSL, but as has been fairly well documented elsewhere, file I/O performance was a roadblock - in particular for Drupal 8 which can be filesystem I/O intensive during development. Most of our current work is Drupal 8, Node.js, and React. Here are a few notes, snippets, and links to my current Windows Subsystem for Linux 2 (WSL 2) setup for development.