Thanks for the reply, @weaver. That makes sense and is essentially what I was deducing. I just need to do a one-time set up for the site logo, menus and whatever else, and I should be good to go.
For what it’s worth, the V5 upgrades went completely smoothly for all my sites, some of which are heavily modified with php, js and css. Not the slightest wrinkle. The Child theme was something I tried after V5, mostly because the updates kept (correctly) blowing away my plugin’s template folder, and I got tired of re-creating it. Thank you for an amazing, flexible theme!