No, the T5 will run slightly faster on a 10Gbps connection than on a 5Gbps connection, even on an Intel Mac, and even if it doesn’t fully saturate the 10Gbps USB connection.
USB connection speed is a function of the drive‘s USB bridge, not the SSD itself.
Yes, the T5 is a gen 2 drive (10Gb/s) but is not PCIe like the T7, it's a SATA III drive, so the bottleneck is SATA, not USB. SATA III is faster (6Gb/s) than USB gen 1 (5Gb/s), so it will run at full speed only on a gen 2 or Thunderbolt port, while a gen one port will bottleneck it to 5GB/s, making it run somewhat slower.
Of course these are the theoritical speeds. The actual speed I have measured are a max sequential (with 8 queues and 1 thread) of around 565 MB/s on a gen 2 port and of around 450 MB/s on a gen 1 port.