Does R5II produce more noise than R5 at high ISO?
Most people agree that up to ISO 6400, there is virtually no difference between the two cameras. I downloaded ISO 12800 files for both cameras from DPR and opened them in Camera RAW with default parameters. At 100%, I couldn’t tell one from the other. At 200%, slightly more noise was visible in the R5II image in a few parts. For ISO 25600, slightly more noise was visible at 100% in some parts.
When is this excess noise visible?
For ISO 12800, excess noise can be seen at 200%. For ISO 25600, excess noise can be seen at 100%. At smaller sizes (6000x4000, for example), I couldn’t see any difference. In other words, above ISO 12800 pixel-peeping would show slightly increased noise. This excess noise is about the same as the difference between electronic and mechanical shutter noise produced by R5II at ISO 12800.
Now, what are we going to do with these images? Unless you are DPR and have an image comparison page, you will apply NR. So, your assertion about considering editing software in the equation is not without merit. With modern FF cameras noise comparison without considering editing software is mostly academic.
How about shadow lifting?
I have done a few tests with the mechanical shutter. As long as there is some light in an area of the image before it was darkened (to preserve highlight for example), shadow lifting can be done up to 5 stops without significant image penalty (at base ISO). Up to 3 stops is easy. I don’t know how this compares with R5 MKI, DPR didn’t provide any mechanical shutter image for comparison.
My feeling so far is that for all practical purposes, R5 II IQ is similar to R5I.