The Hailo AI Software Suite contains the Model built environment that requires a powerful CPU, lots of RAM and for most optimization algorithms a NVIDIA GPU. A Raspberry Pi is not powerful enough to run the model conversions.
HailoRT version 4.23 is the current version for Hailo-8. It is not an older version. Version 5 is for Hailo-10 and Hailo-15 only while Hailo-8 will continue to be supported by version 2.xx, 3.xx and 4.xx depending on the package.