Upgrading from 2020 13" Intel i5 MacBook Pro — is the M5 Pro 18-core worth it over the 15-core, and is now a good time to upgrade?

Finally considering pulling the trigger on a new MacBook after 6 years on my 2020 13-inch MacBook Pro (2 GHz Quad-Core i5, 16GB RAM) and I have two questions for the community.

My use case: software development, photo/video editing, general productivity, and running tools like Claude Code. Sticking with the 14-inch for portability. Budget is around $2,200.

Question 1 — 15-core vs 18-core M5 Pro: Both configs come with 24GB unified memory and 1TB SSD. The 18-core bumps the GPU from 16 to 20 cores and includes a 96W adapter. Price difference is roughly $200. My workload doesn't include 3D rendering or compiling massive codebases — mostly dev work, photo/video editing, and productivity. Is the 18-core noticeably better for that, or is the base 15-core already overkill coming from a 2 GHz i5?

Question 2 — is now a good time to buy? The M5 Pro just dropped in March 2026 so I'd be buying at the start of the cycle, which feels right. The only thing giving me pause is the rumored MacBook Pro redesign with OLED supposedly coming late 2026 or 2027. Is that worth waiting for, or is the current Liquid Retina XDR display good enough that it doesn't matter? My current machine is really showing its age so I'm leaning toward just going for it now.

Appreciate any input from people who've made similar jumps from Intel.