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No experience with Microsoft directly, but I think 4.5 years is certainly close enough to apply and have a shot. I think it’s more important to emphasize how your skills/experiences fit with the role, rather than checking the box of how many years you’ve worked.
If they ask the question when you apply, it’s a hard requirement. If it’s just on the resume but not a formal question it’s soft. Read what the YOE description is and typically it doesn’t mention 5 YOE of paid work, which means extracurriculars could count