The short version
On paper the Oura Ring 5 wins — slimmer, upgraded sensors, longer battery. But because Oura is rolling the new software features out to the Ring 4 too, the upgrade question splits by who you are.
If you are a new buyer
Get the Ring 5. The 40% slimmer body, redesigned sensors and 6–9 day battery make it the best ring to start on, and the price gap over the Ring 4 is small.
If you already own a Ring 4
Hold. You are getting the same new app features, so upgrading pays for sensors and fit, not capability — a weak case unless comfort or contact consistency genuinely bother you. And with the Ring 5 out, the Ring 4 is the value buy.
Either way
The mandatory membership applies to both, and remains the main mark against Oura. For subscription-free alternatives, see the Ultrahuman Ring Pro or Samsung Galaxy Ring, or the full best HRV trackers.