It probably depends on how big these roots are, how many and how they make the plant look compared to the surrounding soil. Here are some general guidelines...

The plant should normally be about 1 to 1.5 inches above the surrounding soil. If it is less than that then the you could replant it as you describe.

Otherwise, the soil may have eroded or the plant may just be suffering from the exceptional drought and trying to find water wherever it can. If you water lightly, the plant may develop a tendency to produce roots near the top soil so, you need to water deeply and not often. For example, water deeply twice a week; on "off days", you can water lightly IF supplemental water is needed.

If the root growth makes the plant look higher than 1 to 1.5" than the surrounding soil, replant it as you describe and consider pruning off some of the surface roots so this does not become an annual garden chore with this shrub.

Luis

PS - You could wait to replant later... when the plant is dormant; keep the roots moist covered with mulch. Also, keep in mind that replanting could affect bloomage produced in early Spring by the old wood that the plant has already developed.