I thought the expression “Take 5” was musicians’ slang for take a break. (presumably 5 minutes ?) Another expression (though not as common) is “Take Ten”.
So, whatever, the reason for naming “Take 5”, I doubt it is because the song is in 5/4 time.
I am notorious for changing the tempo of songs live. Not a problem solo but when playing with the guys they insist on an accurate count. Sometimes you hear only two, three, four, which seems the same as one, two, three to me but my drummer insist it is not the same and confuses him. I had the idea of counting off nine, three, six, five but they didn’t like that idea either.