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Max forgot to mention the most important part, all the light is in real time (from Sun and Sky) and is using the RT hardware to accelerate the calculations, thats other big reason why it wouldnt work on last gen.
UE5 is gonna be interesting in a few years. Microsoft recently announced they're forming anew support studio dedicated to animation and UE5. That and the Coalition is talking with Epic about different performance issues they've run into since picking it up mainly improving and maintaining framerate. Reminds me a lot of when UE3 launched and quickly it changed those first few years.