I uploaded the newer version and now it won’t open on my computer.
To update, I uninstalled then reinstalled, it now opens, but now I am getting Bad Gateway 502
Sorry but this is a real issue for me as I need to work on my website for a client
“Bad Gateway 502” suggests to me that that particular domain isn’t running. Are you sure you’re browser is not looking for the ‘old’ version? Local 5.x.x. (Lightning) uses the host machine’s IP address, whereas the previous 3.x.x versions used a vitual machine IP. Also, did you export from the old version to a temp location and import into the new version.
BTW - I have no connection with Flywheel / Local so this is only a personal opinion
I just spent most of the day doing this update (with 8 sites) and the Local software seems to have done what it was supposed to and am very happy with it - so far 
No, I just updated it as when I opened the local it had a pop up that said there was a new version. I did not think I had to export anything.
This is incredibly bad