It's Ark 1 with UE5 and you have to buy it all over again including the DLCs. You also lose all your years of effort, just gone with the servers being wiped.
They said this was going to be a free UE5 update, but it's bundled together with Ark 2, forcing you to buy it for 40$
What a complete joke. I expected WC to raptor up, but not this bad