It does look like a movie. and for the most part from what I’ve seen, i think ue4 can still deliver some very good quality movie visuals. as for the comparison UE5’s Untill dawn seems to feature reworked environments as well, as seen @ 0:40 with fuller trees and @ 1:24 with remodeled cliffs.

so it’s more like a Enhanced edition. which is actually more than a remastering. a remaster is usually the same content preserved underneath with crisper visuals and effects.