Ue4 to Ue5

So if i have a 4.25 project will it be fully compatible to move to unreal engine 5. As will e.g. Maps and levels made in ue4 be convertible to ue5 and automatically take advantage of the new fetures or is it going to be a hell of a time to get it converted? Is it better to just wait with the level for ue5 to launch?

UE4.25 is designed to be forward compatible with UE5

No, all your displaced materials will now be flat. It’s not fully compatible. Thousands of assets useless.