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But will it be able to be reachable by other printers on the network?
It will be reachable by LAN. The gateway address is the router you use to get to addresses outside the subnet mask you set.
First search result explains it more thoroughly if you’re interested
https://www.networkcomputing.com/ip-subnetting/ip-addresses-subnet-masks-and-default-gatewaysGood to know, and thanks for the link!