This is not a question anyone here, except Canon can answer. If the option is part of the camera's FW, then yes.
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Bzzzt! Wrong guess. The footnotes don't say that at all. They say that photos are held for 30 days and then deleted—except that users may select up to 10GB of photos for long-term retention.
More interesting to me is the fact that the service will be available to older Canon cameras that have WiFi, albeit without automatic transfer: Wi-Fi enabled compatible Canon cameras released before the EOS R5 will support manual file transfer. Manual file transfer will be enabled from the start of the new service in April 2020.
Beginning "around June," Canon says, it will be possible to go directly from the camera to the Adobe Creative Cloud and other services. I take this to mean that photos made with the R5 will automatically transfer to Lightroom Classic on my Mac, if I so wish. Such a utility has long been a holy grail for me. It may not work for sports photographers making 20fps, but it'll be great for a nature macro photographer who makes three or four exposures per minute.
09/26/2023: New firmware updates are available.
08/18/2023: Canon EOS R5 C training series is released.
07/31/2023: New firmware updates are available.
05/31/2023: New firmware updates are available.
05/18/2023: New firmware updates are available.
03/30/2023: New firmware updates are available.