I think TNG did its equivalent effects (the various ships) far more as practical sculptured models, run through multiple passes of Motion Control (camera and/or model(s)) to extract the matte mask, the plain illuminated model, the various glow effects (in-camera?), etc. Which they mixed and put over the starfield artwork (basic CG, mostly flat with minimal animation, perhaps a slowly rotating view of a planet; or "screensaver"-like for warp backgrounds) and have the likes of the firing torpedos/phaser-arrays and various other nebulous[1] foregrounds added on top.
The transition for Trek into purer CGI came with the later ST series (and later seasons of TNG), I would say. And I know they had a physical DS9 at least at the start of that run.
Certainly by today's eyes, B5 renders are less than perfect. Also probably visibly not as full-HD as you'd expect (so may unfairly suffer from upscaling onto any fairly modern TV or
not-as-modern computer display) and even the live action has a peculiarity of the film stock/broadcast framerate/etc that a proper connoisseur of the small screen could identify (also something to do with natively being
NTSC rather than
PAL..?).
Of the age, though, it allowed all kinds of dynamism and depth of scene that was very hard to integrate into physical models. (Compare drop-launching a squadron of starfuries with the best they could do with shuttlecraft leaving the Enterprise's shuttlebay.) And I remain much in awe of the 'realistic' flight models in B5, vs Trek/Wars/Galactica/etc. Well, with Earth vessels, certainly. They did all the "space-swooping" thing with such as the whitestars, but that's in line with the in-universe 'fact' of Minbari having a system of propulsion more exotic than reaction drivers and thrusters.
I'm trying to think what kind of equivalent programmes I've seen recently to compare against old stuff. Rebooted Galactica is the first that comes to mind. And right now the last, as the Star Wars serieses and other obvious things I really ought to have seen have been sequestered away on channels/streamers that I haven't subscribed to (or equivalent). But BG certainly is (graphically) at the mature end of full-package CG, when it comes to TV productions.
Films are another thing. But given the visual nature of the likes of Iron Sky, seems to not be much of a hurdle to accomplish with enough commitment to anything up to two-ish hours of variously augmented footage. However hard it would be to commit to a significant multiple of that across a whole TV season.
[1] Possibly literally.