Is it feasible, within Unreal Engine 5’s current toolset and parameters, to migrate assets from a simple architectural city demo created in Unreal Engine 4? Specifically, can we import these assets directly into an existing Unreal Engine 5 project without significant modifications or additional plugins?
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Assuming you haven’t made any weird engine changes that modified the base object classes, migrating assets from a UE4 project to a UE5 project is as simple as right-click->Migrate in the UE4 project.
Going from 5 to 4 is impossible because once the asset has been saved in 5 it gets a whole bunch of extra data that 4 doesn’t know what to do with so it will either throw the ‘this asset was saved with a newer version’ error, or it will decide the asset is corrupt.
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Good thing you posted this, I re-read the post and had it the wrong way around 
All the customers of my Asset Downgrader | Fab are super happy and consider the plugin a must have 