Official Riftbound ruling

What happens if I play Dragon Form on a unit that has -1 MightMight from Stupefy applied to it? Will my Fiora, Grand Duelist trigger? Is there a moment where my unit becomes 5 MightMight before the -1 MightMight from Stupefy brings it down to 4 MightMight?

She will not trigger.

Although Dragon Form sets the base Might of a unit to 5 MightMight, it does so via layers. Layers are evaluated when the effect is applied and their evaluation includes all existing applied layer alterations. We process layers in order, starting from the Trait-Altering layer (where this base Might setting effect is applied), proceeding to the Ability-Altering layer (not part of this example), and proceeding to the Arithmetic layer (where Stupefy’s -1 MightMight is applied), but this process happens instantaneously; there is no window while evaluating layers for the unit to see itself become 5 MightMight and then go down to 4 MightMight. As soon as the effect of Dragon Form is applied, the unit is 4 MightMight.

As a side note, Might is one of the traits that is managed in the Trait-Altering layer, and it is one of the copyable traits that copy effects can replace or add to.

Riot's question and answer, word for word, from theVendetta Rules FAQ and Clarifications

The cards

  • Dragon Form
    Dragon Form

    Spell

    Choose a unit. Its base Might becomes 5 this turn.

    Flow 3 Energy3 Energy (You may play this from your trash for its Flow cost. Then banish it.)

  • Stupefy
    Stupefy

    Spell

    Reaction (Play any time, even before spells and abilities resolve.)

    Give a unit -1 MightMight this turn, to a minimum of 1 MightMight. Draw 1.

  • Fiora: Grand Duelist
    Fiora: Grand Duelist

    Legend

    When one of your units becomes Mighty, you may exhaust me to channel 1 rune exhausted. (A unit is Mighty while it has 5+ MightMight.)