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Simply stated, m5 offers better performance as compared to m4 since it's running on latest hardware. It would also have a marginally lower cost as compared to m4. Larger instance types are also supported in m5. You can also continue running RDS on m4 but given a choice it's always better to make use of the latest instance types.
--Syd
Luis - what regions are you in? We also offer M6i which is more price-performant than M5. M6i instances are powered by 3rd generation Intel Xeon Scalable processors. '-i' nomenclature stands for Intel processor to differentiate from Graviton.
M5 in general pack more performance than M4. Also think of the instance class support. For current, please refer DB instance class support for Microsoft SQL Server
For what to expect when you 'push the button' i.e. actually modify the DB instance type, please refer Modifying an Amazon RDS DB instance. It is recommended that you test any changes on a test instance before modifying a production instance.
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