[2022] Since the game is running on UE4, will there be a UE5 upgrade?

We currently have no plans to move to UE5, no. Not to say it won't happen, but not currently on the books.

Engine upgrades, even between incremental versions, are a big investment of time and effort, so we'll generally only do it when there's a particular feature or benefit we want to take advantage of. For example, we did a big couple-version jump in mid-2021 to enable the PS5 and XBS versions. If we were to migrate to UE5, or 5.1, 5.2 etc., it'd only be if there was a significant benefit to players or the development team to do it (and maybe there will be!).

I know there's a lot of excitement about UE5, and that comes from the big visible player-facing features built for the new consoles, but it's really going to be new games coming more than a year down the line that take advantage of those from scratch. Us upgrading wouldn't be so we could remake all our assets in those new tools, for example, so you wouldn't really see any benefit from us making that change (except, probably, a period of slowed releases while we moved people over to do the migration). We're also going to be continuing to support the last-gen consoles indefinitely, so some of these just wouldn't be feasible for our game. Don't worry, you're not missing out on anything here from us not doing this :)