Yes, and no. I'll keep the details vague. Say someone dies in DMC5, that won't be mentioned. What's more important is the state of the world after DMC5. The events of DMC5 itself though will definitely have an impact on the RP premise. It's stated that the thing happening in the city of Redgrave with the demon attacks isn't just that city, but also happening the world over, so it definitely will have an impact.

That being said, the timeline will be something like 15 years after DMC5 (no actual number decided yet), so there'll still be plenty of room to get creative.