@DavidCheng, @EnrikHysko, just wanted to share my findings. ExperienceBundle does not help with audience assignments. But with metadata api (ant deployment) the audience and assignments can be migrated. The 'Audience' metadata type in the package.xml works.
<types>
<members>*</members>
<name>Audience</name>
</types>
The target tag in the retrieved components have the assignment related details and gets deployed to the target environment. Hope this helps.