I can't comment on the 5, but my Pixel 2 was rated similarly and survived a few dunkings (though I always quickly grabbed) and multiple times being in my pocket in the rain. Just be warned: If you ever need have it opened up to be repaired (e.g. getting a new screen), it's not clear that it's as waterproof afterward. I was more careful with mine after I had to have the screen replaced.
The water resistance was one reason I considered the 5 over the 4a, but the price difference was so great for me that I could buy a number of 4as in case I somehow soaked and destroyed one (I just moved to the desert, so rain isn't as big an issue anymore). I liked the feature on my 2 though.
riser3, here was the subscription plan I was talking about that I bought the phone through:
https://fi.google.com/about/phone-subscription
It says $15 a month, but it's only $ 9 if you decline device protection.