What is the best way to resurrect and update my old WordPress site?

I decided not to try to install WP version 4.5.16 first, as I suspected it would have issues running in PHP 7.2+.

Instead, I installed WP version 5.5.1, running in PHP 7.4. I copied in my theme and uploads files, connected it to my old database (via wp-config.php), and ran it. WordPress detected the old database and updated it automatically. I have not reviewed the updates, but the site seems to be working well.