The short answer is no, but there are subtle details.
There are three possible cases of how you can install the X-Cart 4 and X-Cart 5 stores.
You install X-Cart 5 on the same server as X-Cart 4. In this case, everything will work.
You want to install X-Cart 5 on another server (some test server, local machine, etc.). If you transfer the entire X-Cart 4 store there, everything will work just fine as well.
To make X-Cart 4 transfer easier, you can only transfer X-Cart 4’s database and the following directories to save you some time:
<X-Cart>/files/(if you have e-goods).
Put the database to the MySQL server and place these directories inside a folder that would pretend to be X-Cart 4 for our migration task.
You want to install X-Cart 5 on a new server but keep X-Cart 4 on the old one. To make this case is possible, you need to:
make sure that the MySQL on X-Cart 4 server allows remote connections. Contact your hosting team about that if you face any troubles;
set the enable_copy_ext_images option in Migration Wizard’s settings to true.