Yes! Toolbag 5 follows a separate install path from previous versions of Toolbag, and Toolbag 5 user files (preferences, workspaces, etc.) are independent of past versions as well.

Any active Toolbag subscription license has immediate access to the Toolbag 5 Beta. All other users are eligible for a free, full-featured trial for Toolbag 5 by signing up for a Marmoset account (if needed) then signing into the software to activate your free trial license.