Let’s go over each of the related ones (as the ones I won’t comment on are related to PC building and not necessarily related to Unreal)
I don’t see a problem here.
Depends on the scale of your project. I know from first hand that 8GB VRAM can be quite limiting. It’ll get the job done though, unless you’re planning to work on very large and realistic scenes.
The officially recommended minimum RAM capacity for UE5 is 32GB. That being said, I’d highly recommend switching these with DDR5 ones instead of your current DDR4.
I know I said I wasn’t gonna comment on unrelated stuff (of course anything affects everything else but you get it) but you might wanna make it an SSD.
In conclusion, your system is suitable to run UE 5! Still, if your project’s not gonna utilize UE5’s features, you should absolutely use UE 4 instead. But there’s no need to avoid using UE 5 here.