No, but more modern features can make a bland artstyle feel less bland due to additional post processing.
Redfall just severly underutilizes UE5.
You list the things i would mention later. The Matrix Awakens isnt on UE4.
Based on what? Just you saying this isnt a fact.
Again based on what?
I mean Earthfall is on Switch (and PC and other consoles obviously) and does not look too dissimilar: