"It depends" on how much customisation you've done as the backup function only back's up the /storage/{.cache|.config|.kodi} folders, so if you dumped other things elsewhere on /storage they will be missed.
If you manually wget the RPi5 update file to /storage/.update and then "touch /storage/.update/.nocompat" to disable the checks we do to prevent wrong-image updates you can reboot to update the RPi4 to the RPi5 image. The first stage of update (changing files) will work. The second stage (booting) will probably fail as the RPi5 kernel will have RPi4 things missing. At that point or when the board shuts down to reboot, pull the power, move the card to the RPi5 and power on. Take a backup first and move it somewhere safe, in case somthing goes wrong.