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Background Pony #6CDF
Perhaps she felt sorry for Cozy Glow, released her, tried to reform her, and was overthrown. Cozy Glow then proceeded to drain all magic from Equestria…
Background Pony #3624
Neither the top ones and the one below look like a horse. More like piggies a bit.
Background Pony #00AD
I hope G5 ponies can finally free Cozy Glow and redeem her where G4 ponies failed massively.
Background Pony #81C9
Luster Dawn is probably an elder or already dead. Only Twilight, Spike, Discord and stoned villains might be still around
Wallet After Summer Sale -

The term "generation" refers to the toys, not the animated shows. This can cause some confusion, understandably, as for example the little known G2 never had its own show, and that "G2 show" with ponies living in modern times (or at least modern in 1980's terms) actually belongs to G1. This is the first time MLP is not going to discard its continuity when moving on to the next generation, but for instance Pokemon is in G8 now and it still follows the journey of the same Ash and Pikachu that it did in G1-7.

Novice Brony
Wouldn't "G5" imply new continuity unconnected to the previous one? Like in Transformers where the Unicron Trilogy(Armada, Energon, Cybertron), the Bay movies, Animated, Prime/Robots In Disguise are unconnected to G1 as they are to each other, save shared characters and basic plot? If Luster Dawn were to be the new main character of a new series, it would still be G4 not G5.
Wallet After Summer Sale -

@Terminal Red
It is a continuation, but we don't know how far into the future. My guess is that Equestria is still ruled by Princess Twilight Sparkle, but maybe Luster Dawn is still alive. Or maybe even she is still just a foal.

@Background Pony #8180
I mean, I don't think Hasbro doesn't take into account the seasons they have done after 2017. They will probably only update what they had already planned by counting those events from subsequent seasons. Just guessing tho
Background Pony #8180
But do you know that work on the G5 started in 2017?(or even a little earlier) So it is logical that not everything that happened in G4 will show up in G5. A similar situation to the g4 movie which also omitted some of the threads from a few seasons…

And also in animatic you can see that mane6 looks normal. They don't look like in the epilogue, but like before it.
Maybe a school of friendship will appear in G5, but the world in the G4 epilogue will not.
Background Pony #3D68
Don't be sad, little Luster Dawn. At least you have a place in the fandom.