" Can I play on any official servers, regardless of the version of the game I am using?
The short answer is “no,” but the details depend on the platform you are playing on. Your client version must match the version of the server. All official PC servers will be updated to UE5, and because the UE5 update is only available on Steam, this unfortunately means players on Epic Games Store and Windows Store will not be able to access official servers from launch. You will, however, still be able to play solo or in co-op on private or self-hosted servers.Consoles (Xbox and PlayStation) will remain on UE4, as will the official servers for those platforms."
It’s not the end, the UE5 update is currently only for Steam. They’ve explained that they may bring the update for Epic/Windows Store/Consoles later.
In the meantime Steam will retain the Official servers that currently exist except for Siptah, as the two maps are merging. They will be updated to UE5.
Consoles retain UE4 with their Official servers.
Epic/Windows retains UE4 and you can play private, singleplayer or co-op.
With these plans it is vital, especially for players in your circumstance to be able to transfer asap.