To me, 5G was way overly hyped. My calls, texts, etc did not increase in speed. I do not download or upload huge files so 4G would have been fine for my purposes.
You under $8 a month fee is killer for sure.
There was a lot of marketing hype with 5G, especially as AT&T and Verizon have been slow to roll out 5G that meets the marketing expectations (some of it is spectrum constraints...a small slice of 5G for the low-band stuff gets decent speeds, but is not the same as a lot of spectrum thrown at LTE or a larger slice of midband or mmWave 5G). That's why there's a lot of "but I'm only getting 75Mbps on 5G and if I turn it off I get 200Mbps!" type posts.
This will be alleviated somewhat soon as 3G is getting shut down, allowing more 5G to be used in that spectrum, as well as C-Band service starting up (it'll more closely compete with T-Mobile's "Ultra Capacity" 5G in the middle of the spectrum). AT&T has started lighting up C-Band and widening their low-band and people can now see 100-400Mbps, so it's slowly improving.
There's also lots of plans to upgrade backhaul (the "pipe" to the towers) but that's typically operated on another schedule since the fiber is sometimes owned by other companies. That's led to moments where a tower is broadcasting 5G, has plenty of spectrum, and the bottleneck is the feed back to the rest of the world (think, a brand new high-end router being used with a slow DSL connection).
I agree except lack of capacity will decrease speed. Regardless, for what I do, mostly texts, 5G does not do me squat.
While the carriers all have marketed it is as a "throw out your phones and get 5G ones because it will be amazing immediately," the reality is that over time, with more spectrum and backhaul, more people can be on a tower at a given time without things slowing to a crawl. 1Gbps on a lower-used tower is fun for a speed test, but that also means that you have 1Gbps that can be split among a bunch of people. It's also led to other opportunities like home internet (may not make sense everywhere, but in some cases it's a way better option than the local phone company's DSL or cable provider). mmWave sites typically cover a city block or so and can achieve ridiculously fast speeds, making it a great alternative to public Wi-Fi in places like downtown areas of cities or stadiums.
As far as texts, yeah, 5G probably isn't going to be terribly transformative for you, but it's no different than some of the other evolutions where more efficient and capable radios were put on towers (there's probably a post somewhere that someone is saying 2G is fine and why would we need 3G).