It's also been confirmed that Respawn is using Unreal Engine 5 for this game.
As this is not a cross-gen game, we should expect it to look great.
Where did you see confirmation of that? I'm not seeing that anywhere official or press or developer tweets.
Given how easy and relatively painless it can be to upgrade projects from UE 4 to UE5, it would make some sense to move over. (Although "painless" is for indie developers who have been working on base-level UE4 projects; when you're dealing with a major title with internally-developed subsystems and whole replacements of aspects of the core engine, that's probably a whole different story.) Either way though, unless Respawn uses aspects of UE5 that you the GAFer considers "UE5" (primarily meaning Nanite and Lumen,) that wouldn't make much difference to you as far as what version of UE they used, and given that this game has been in development on its own terms for a while before UE5 was even made available to them, I'm not sure that they would have switched over when they have their own tools (some competing with Lumen, maybe even a Mesh Shader approach of their own) already in the pipeline.
So maybe? Maybe not? I haven't seen the confirmation you're saying, maybe you have it linked somewhere?