Note that Lr/ACR doesn't support dynamic pixel shift mode on the K-1ii: it displays the first image of the group. Otherwise, good to go.
BTW, the other big pluses in the upgrade are synching of presets and profiles, and better organization of them, and a bunch of improvements to CC on desktop and mobile.
It also has this thing called Technology Preview, for beta features. One of the two is "long exposure effect," which is something I'd love to see in the camera. Essentially it seems to take several shots (like over a second) then stack/merge them, so you get the same effect as if you used a ND filter and say longer exposure (smoothed water flow being the classic example). I'd rather have that in a K-1ii than dynamic pixel shift.
It supports PS but not dynamic PS I believe.
https://helpx.adobe.com/camera-raw/kb/camera-raw-plug-supported-cameras.html...ift_Resolution