I have it on "5G auto" all the time. I travel a lot through good and bad signal areas. And I don't feel a MASSIVE battery drain. Yes, it consumes more battery. But to be honest 5G is available, or better it shows 5G which doesn't mean it uses it at that time, in low signal areas where I would have 2G/3G and note LTE instead which makes it way more usable here than "LTE only". Btw I live in Europe not USA, worth reception and signal overall.
So I didn't test it anymore the last few months but compared it in the first few months of owning thew 12 Mini. And, of course always depending on signal quality, I maybe lost 10% more battery each day at a rough estimate, having it on "5G auto" instead of "LTE only". Maybe it has become even better through SW updates, haven't compared both settings anymore since back then.
And don't forget I own the 12 Mini, so on the bigger 12 series with better battery life it maybe even less noticeable.
Can't wait for the 13 Mini with more battery saving 5G modem.