Unfortunately, no. Both the increased shield strength and increased Normal/Charged attack damage from Retracing Bolide will only work on the character wearing the set. As an example, if you were to switch from Noelle with Retracing Bolide to Kaeya without it, any active shields will lose 35% of their effect upon that switch. On the other hand, if Kaeya were to switch to Noelle in the same situation, any active shields would then strengthen by 35%.