Is MHA two heroes canon?
Yes. Two Heroes and Heroes Rising are both canon to the manga.
Is MHA heroes rising after Season 4?
The film is it’s own story. It actually takes place after season 4 of the anime so if you see the movie and you are anime only there maybe some small spoilers like costume redesigns, new supermoves but nothing major.
Does Bakugo become villain?
Bakugo and Deku are foils to one another but that doesn’t mean they need to be on opposing sides. Katsuki Bakugo is not being set up as a villain, he’s being set up as character that will grow alongside the series protagonist as both of them strive to go beyond.