Well obviously not - with horror there is never the end. Not really ever in any case. Although thankfully some movies have been left alone. But this is the end of the "story" that began with Part 3. And while the other two movies prior had nothing to do with the last two ... there is an obvious connection here. Still you could watch this, without having seen the other. On the other hand, why watch any of the two (part 3 and 4 that is)? Better watch 1 & 2.
Having said, I assume you have seen the third or don't care enough reading this, otherwise jump this paragraph. David Hasselhoff is no more, but we still have the driving force of John Rhys Davies here - or Gimli as some might still call him. Don't think this will bring him down .. bad jokes aside (which you will get a few of in the movie too), the CGI is bad and the acting isn't really helpful either. Considering the time and budget they had (same director as in 3 and was shot back to back with almost no time to prepare), some departments did a lot more than they got paid for ... it is what is, I guess