I'm using a 5K Ultrafine with my 2015 27" iMac (with maxed out graphics card). It's a configuration that Apple claims isn't supported for 5K, and the system only has Thunderbolt 2. Yet the secondary display seems to match the internal 5K display, and all of the monitor reporting utilities I can find indicate that it's running at 5K. I don't see any lag on the display. I've reported this on the forum and people were convinced that it's somehow actually running at 4K and just scaling, but if the system utilities indicate that it's running at 5K, and the image and text looks the same with both monitors side by side, I'm not sure how else to explain it.
Either way, I bring it up because if it truly is running at 5K then it should mean that 5K can technically go over Thunderbolt 2.