My suggestion is separte both version. The next gen version/pc could run in unreal engine 5. have better servers for the game. new ships And it could us niagara effect for the water. nanaite could help too for less lag and better geometry. Chaos physics for better destruction. The next gen could have lumen and some raytracing as option(better texture and more improve to graphique). And we could even see more players. (Old gen will still run ue4 with better servers). Some game separte both version to have better optimisation and less lag(xbox series and pc will play together. xbox one will be with xbox one players)
Edit: forgot to add next gen version/pc could use real time rendering
