Keep running
Continued operation can make sense with reliable functionality, current drawings and prepared recovery. A newer generation alone does not justify rebuilding the entire machine.
Secure the existing system
A missing backup is a reason to act even when the CPU runs reliably. Original projects, CPU uploads, HMI projects and parameters serve different purposes and should match the actual machine.
Upgrade selectively
For this S5 generation, a planned migration is sensible precaution. Secure the existing state before changes where possible, and support the transition period with a concrete recovery strategy.