Before i go with advantages, i would like to confirm that, i did not change any test case logic. All i did is to make it work in JUNIT 5 way of writing the same test cases.
Recently, in our automation team, we migrated our legacy applications from JUNIT 4 to JUNIT 5. We observed that there are below advantages.

JUnit 5 Advantages

1. Let’s start with the previous version, JUnit 4 , which has some clear limitations:
2. A single jar library contains the entire framework. We need to import the whole library, even when we only require a particular feature. In JUnit 5, we get more granularity and can import only what’s necessary.
3. Only one test runner can execute tests at a time in JUnit 4 (e.g. SpringJUnit4ClassRunner or Parameterized ). JUnit 5 allows multiple runners to work simultaneously.
4. JUnit 4 never advanced beyond Java 7, missing out on a lot of features from Java 8. JUnit 5 makes good use of the Java 8 features.
5. The idea behind JUnit 5 was to completely rewrite JUnit 4 in order to negate most of these drawbacks.

References
https://www.baeldung.com/junit-assert-exception
https://www.baeldung.com/parameterized-tests-junit-5
https://www.softwaretestinghelp.com/junit-ignore-test-cases/
https://www.baeldung.com/junit-5-migration