I don’t know too much about UE5 and do not doubt some users are experiencing frame rate issues. Everyone’s experience will differ according to their computer specs and the scene being rendered.
However, rather than convert a UE4 project, I created a new project in UE5 with any empty level (not blank - totally empty). I then created the simple scene in the image below from scratch. The scene renders at an acceptable frame rate of almost 60 FPS bearing in mind that it:
(a) uses the default UE5 settings (including the Lumen settings); and
(b) is running on a 4 year old laptop with modest specs - i7-9750H CPU (6 cores/2.6 GHz), GTX 1650 GPU and 32 GB RAM.
So really, not too shabby given this is an early release of UE5 which has yet to be optimized. I’m guessing, but importing an existing UE4 project with its own hairs and pimples may one of the reasons users are seeing mixed results.