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Not a gamedev, but I think a huge thing in a modern studio context is being able to parallelize effort. With UE5 you get authoring tools up and down the stack, so your artists and storyboarders and level designers can all start creating the world and setting up the scripted events and cinematics, even if key assets or behaviours aren't in place and are just placeholders. The developers are basically writing plugins into this system in collaboration with the design process.

Very different world from 20-30 years ago where the initial "game design" was happening in paint programs or even graph paper notebooks.

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Did you play the Talos Principle Reawakened? They took a great performing game made with their own engine, re-released it with UE5, and now it performs like doggy doodoo.
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I did. Was kind of underwhelmed by the graphics too. Although that may be in line with a remake. Ie, I gave it benefit of the doubt since I don't know how much effort they put into it beyond "making it work".
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Then again,UE5 has massive criticism leveraged against it- for pushing exotic and hyped up technology, that is not really production ready and demands you tailor your whole workflow around them. Held against last gen custom engines - ue5 almost always looks worse.

https://www.youtube.com/watch?v=Ls4QS3F8rJU&t=539s

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