From the little I’ve seen UE5 dosn’t have the best AR support currently but should change at some point.
As for GPS locations, I’ve built and released an app both on Android and iOS that uses GPS in conjunction with AR at the same time that used latitude and longitude and created squared off locations in the real world using the GPS coordinates.
I did not use shared experience/AR sessions since in order to complete the project within our timeline I didn’t take the time to learn or develop using saved “item drops”