Can I exchange my recently purchased MacBook Pro M4 for the new MacBook Pro M5?

When you purchase a new Mac directly from Apple, there is a 14-day return policy. Purchasing the Mac from any other source, including an Apple reseller makes you dependent upon their specific return policy.

You are well past Apple's return timeframe. You can check on the Apple Store's configuration for the M5 MacBook Pro to see if an M4 MacBook Pro can be traded, or if it is too new for that purpose. That will require the M4 MacBook Pro serial number.

According to the Return Policy, you can return an Apple product within 14 days.

But there also seems to be an option for an exchange:

Returns & Refunds - Shopping Help - Apple

Or Trade In:

Apple Trade In - Apple

IF and only If you bought DIRECT from Apple, and received your product within 14 days, you can return/exchange your newly-purchased Apple Product for a Full-value refund and order a new one.

Otherwise, you bought the best available Mac for your use when you made your decision to purchase, and you should have no regrets -- it is still a great computer.