Should I still bake normal maps and make poly reductions, LODs etc when developing a game that probably wont be release ready until half a year or so?

In the technical breakdown trailer for Unreal Engine 5 it literally says “No normal maps”. Tho I havent been able to find any info for developers currently making games with Unreal Engine how we should be adapting our workflow.

Im working on a Minecraft style block building game where my high poly versions of my meshes can be up to several million polygons (Usually at least a million for each block). Now can I live under the expectation that UE5 will handle this type of geometry just fine without me having to create a lower-poly version?

What about LODs? Simplygon or Unreals built in LOD creation tools give kinda bad results with most of my meshes and isnt really something I would be happy with as end result for my game, so should I spend my time making LODs or is UE5 really gonna have no use for them what so ever?

Idk if there are any Epic staff scanning this forum but, some more in-depth info to existing game developers currently using Unreal would be nice.