I would say, “Yes”. Mine came with 1.1.8. That said, 1.1.8 was flawed. Once I upgraded it to TH3D Unified the problems went away. No, it isn’t as simple as putting a bin file onto an SD card and booting up. It will be necessary to use the Arduino IDE to upload the firmware. It’s not that difficult though, mainly because TH3D has packaged everything up nicely. You edit the configuration.h file while in the IDE and then upload. If you have difficulties, I think I should be able to help, since I’ve now done it twice.
In any case, if you were to upgrade to something other than TH3D Unified, I would go with 1.1.9 or 2.0.x.
Now, something important. You need to open the control cabinet at the bottom of the printer and check what version of control board it has. Since it’s an Ender 5 Pro It should be a 1.1.5 board. If it is, then it has a bootloader. If it’s a 1.1.4 then Creality owes you a 1.1.5 board, because that’s part of the extra you paid to get the Pro version.
I mentioned the possibility of damage to the PSU way back in my 1st post in this thread. That, in turn, could be responsible for followon effects. However, the PSU basically just supplies power to the control board, so it does seem less likely.