Picture-In-Picture (PIP) feature in Apple TV 4K (5th gen) Does the Apple TV 4K provide PIP feature so I can share the screen between two apps both running at the same time?

If so, how to engage?
No, there no such feature on the Apple TV 4K (or any other AppleTV product).

An app can implement PiP within the app (such as for example the ESPN app's MultiCast feature), but that is just within one app.

PiP between two apps is not yet possible on the Apple TV.