Is this 5'' 800x480 TFT Raspberry Pi DSI Touchscreen compatible with the official touchplugin?

Thanks a lot for reporting back!

Then one would only be able to distinguish older versions by the PCB. This is how it still looked on Waveshare’s website on 2021-04-11 (taken from wayback machine):

So there seem to be at least two generations of the PCB of which the older probably only supports brightness adjustment by PWM.

And although the wiki still contains

Question:
How to adjust the backlight?

Answer:
You need to remove the resistor and wire the top pad to P1 of Raspberry Pi and control it by PWM.

gpio -g pwm 18 0
gpio -g mode 18 pwm
gpio pwmc 1000
gpio -g pwm 18 X(X is in range 0~1024, 0: Darkest, 1024: brightest)

your experience shows that (at least) the current version allows brightness adjustment by software.