The version 5.x is installed in parallel in this case. You can use it in parallel or, if not desired, uninstall it. “Big” update versions (5.5.xx, 5.06.xx, etc.) are always installed in parallel while intermediate updates (5.07.x1, 5.07.x2, etc.) are installed over the previous version. The projects are imported of course.
If necessary, it is recommended to import the personal settings in the configuration manager before uninstalling the old version because they are not imported automatically during the big update.
parallel installation, update