Both HQ 4K and Regular 4k are 4K. Their resolution is the same. With the right amount of sharpening applied, it is not surprising to look near identical in sharpness on some scenes. I would even recommend use keyframes on sharpness, so that some scenes won't look over sharpened while some scene can be further sharpened. Sure, the more effort you spend on your video, the better it may look.
However, please note that (like most digital cameras) R5's sensor is a bayer RGBG sensor The grey level of each pixel in HQ mode with full RGBG information is possibly calculated to higher accuracy than grey level of each pixel in Regular mode which is just an estimate (There is just not enough data available in line skip mode)
HQ 4K is 4K 422. If the video was shot in 8K 422, it is not difficult to convert it to even higher quality 4K 444. At 4K the difference between 422 and 444 is not as big as in lower resolutions. However, it is not difficult to use a some test patterns to prove that 444 is better than 422 even at 4K.
If the video was intended for YouTube, Regular 4K may already be too good! However, there are always chances that some original footages may in future became useful elsewhere that requires higher quality.