It was not so simple. Please consider what has happened in real history.
1. USSR has relocated a lot of factories that were threatened by German ground advances, indeed. At the same time, the industry in non-occupied areas remained where it was, with very little exception. To move all factories just to avoid bombing raids was a luxury the Soviets could not afford economically. Aviation works, for example, once moved, could not return to normal production schedule for many months. I dare say that such a project would be more costly and longer than the relocation of the UK factories to Canada.
2. USSR had vast territories but with poor infrastructure. There were not so many places in the rear where the factories could be relocated or built up from scratch. Power supply, raw materials, reliable railway link, enough rolling stock, qualified labour force, etc... It was all in deficit.
3. Historically, Luftwaffe bomber force operated almost with impunity against major Soviet industrial centres within the range, except Moscow and Leningrad.
Soviet PVO has failed to protect factories even in such important cities as Gorky (including its famous GAZ), Yaroslavl, Saratov.
According to this excellent book (I wish it was translated in English)
www.shorturl.at/hnop1 operation Carmen II of Luftwaffe in June 1943 resulted in the loss of production of almost 2,000 tanks (mostly T-34) and of 20,000 metric tons of fuels in that year, complete stoppage of T-80 tank production, immediate loss of
31,000 metric tons of fuel, etc. Just for comparison: combined fuel stock of 5 fronts of the Red Army before the Kursk Battle was about
21,000 metric tons.
Tire factory in Yaroslavl (the main supplier of tires and wheels for artillery) did not resume production until September 1943.
GAZ has stopped for almost 2 months and its annual output of tanks, trucks, APC, and of various supplies to other plants has dropped by from 150% to 400% between the categories, according to official statistics (which were considered too "optimistic" by post-Soviet historians).
Saratov air factory No.292 has reached the pre-bombing rate only in October.
Flour mills in Gorky stayed idle until September leaving the Red Army and Leningrad without 200,000 metric tons of flour.
Critically affected was the production of ball bearings, artillery units, ammunition, components of aircraft and tank, and not just in the bombed areas but all across the network of the factories. Etc...
Losses of Luftwaffe: 17 aircraft of 733. Bombing raids from 04th to 22nd June, in the night time, without fighter escorts.
So, in the nutshell.
Yes, the relocation was possible but it was of enormous difficulty for the USSR.
German bomber force consisting of Ju-88 and He-111, once given the task, could hit the Soviet industry very hard and met very little opposition.