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Yes, if no version was set manually, the update will automatically change to PhotoSwipe 5 since this is the default for new installations and in the past there was no version selection at all. But you can always go back to version 4 by selecting that and save your settings. Also all settings for version 4 are also still there, you just have to change to that version in the backend settings once to see them again.
Once you have changed the version, it will stay like that.
However keep in mind that version 4 will not get any updates at all – so if you experience any issues with newer browsers (e.g. iPhone 13 etc.), these will not be fixed for version 4, only version 5. At some point in the future version 4 will be removed completely (but I don’t expect this to happen very soon).
Also not all options for version 4 can be provided in version 5 since Photoswipe just does not have these options any longer – for example changing the URL for every image displayed in the lightbox. Also see: https://photoswipe.com – section “Removed features from the core”.
Some things like the sharing menu may return as a plugin in the future but things like swipe animation in desktop mode will never return as they just don’t work any longer in Photoswipe 5.