I run a pretty complex web app and haven't upgraded to webpack 5 yet with Next. I have some custom webpack stuff so hopefully the migration isn't too painful, but I will report back with the compilation time improvement once done.
Support for webpack 5 has been a multi-month rollout ensuring backwards compatibility. If you do run into issues, please add a reproduction here and we will investigate!
Also in the blogpost is the great news: "We're excited to announce Tobias Koppers, the author of webpack, has joined the Next.js team". Thanks for hiring him to ensure webpacks continued support and development!