If a Bluetooth device "features" Bluetooth 5, will it still pair & work with devices that only support an earlier version of Bluetooth?
If a set of earphones / headphones "features" Bluetooth 5, will they still pair and work with devices that only support an earlier version of Bluetooth?
If an example product is helpful to answering this question, Beats sells "Flex Wireless" earphones that "feature" Bluetooth 5.
Bluetooth 5 is only backward compatible to Bluetooth 4.0 and 4.x devices. Not farther back than that.
Bluetooth 5 compatibilty
Bluetooth 5 is only backward compatible with Bluetooth 4.0, Bluetooth 4.1 and Bluetooth 4.2, but to get the speed and range improvements you will need to have a Bluetooth 5 device connecting to another Bluetooth 5 device. If you buy a new smartphone with Bluetooth 5, it will operate as Bluetooth 4.2 if you are connecting to a Bluetooth 4.2 device. That means that you'll still be able to connect, but you won't see any benefits. Bluetooth 5 won't connect to legacy devices.