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 
Just to add… ^This^ is true, but it isn’t the whole story… 
For those who need to go 5 to 4, can think of at least 3 options right-now, but there’s probably more if you search:
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There’s a downgrade plugin on the marketplace to help. Anyone got opinions on it?
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Try editing uasset version numbers in a hex editor, and see if you can load the asset, in an older version of the engine. If so, then re-save it as native. This can work, but there’s obvious caveats. Keep backup copies until the project concludes.
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If your project uses a lot of marketplace assets, and these are still available in older versions of the engine (email creators to find out), then you can just download all those older asset versions again to help reduce the amount of re-work.