At least, that's what this seems to imply (my emphasis):
"... a high-performance coordinated image stabilization (IS) system that integrates the camera's in-body IS with IS systems on attached RF lenses."
from:
https://global.canon/en/news/2020/20200213.html
Hopefully it will at least be possible (and easy) to choose between lens IS or sensor IS. While I'm very pleased that the R5 has IBIS, if I can't use the excellent 5-stop optical IS in my 600 I'll be pretty miffed.
System can't blindly engage two independent stabilization functions. If they overlap in their corrections, they uncorrect the corrections, while adding two sources of jitter (imperfections in the stabilization). In order to have lens IS and IBIS on at the same time, the system must be able to assign individual aspects of correction to only one of the two stabilizations. So, IBIS could only work in conjunction with Canon's single-instruction EF lens IS by IBIS only using motion corrections not addressed by the lens IS.
I'm not sure if Canon EF lenses tell the body that the IS is even used, so the body may only allow IS power or not allow it, while never knowing if it is even used.