Yes you can select to download any version you want. When your on the epic launcher, you can select what version you want to use.
I am using ue4 ver 27.3, which is the final ue4 build. My previous game on steam was made in ver 25.3. It began in ue4 ver 21.1, but I brought it up to 25 to make use of the new additions in that version.
However, since I can not use ray tracing and some other high end graphics I am not using ue5 yet. If I update my hardware in the future, I will likely bring the game up to ue5 as it is a pretty smooth transition a long as you weren't using world partitioning, which I am not.
I would recommend ue4 v 25 - 27 range as it is the best version on unreal 4 in my opinion.