From a practical standpoint, dropping support isn't going to make this hardware any more secure. If anything, it'll do the exact opposite. And many of the reasons the 5,1s cannot be upgraded to something newer remain valid even on an older OS, as long as the only comparable hardware from Apple is $6,000+.Well had the most recent Intel CPU sh!tshow not happened I think Apple very well would have supported it. I think that's the only model they dropped between Mojave and Catalina, and recent tradition is that they only drop Macs from the compatibility list every other year.
But I really kind of do see where they are coming from here. Intel is not issuing microcode updates to mitigate these latest vulnerabilities on ANY CPU that could be installed in a MacPro5,1. And I don't think it has been definitively stated that disabling hyperthreading fully inures those CPUs from the threat. Therefore, my hunch is that Apple wanted to send the signal that it's not safe to use these machines (at least, not connected to the internet) going forward.
I'm sad and bummed about it too, but I also sorta see where Apple is coming from here. My ire is really with Intel here, as they are making the choice to obsolete a ton of perfectly good silicon that has otherwise has plenty of usable life in it.