I love the 5 wood, in my first decade of golf, first was the persimmon then the Taylormade persimmon metal, then the Callaway S2H2.
Then I started to get proficient with my long irons, to fill the gap.
Have not touched the 5 woods for a long time, the gap is now filled by 4 wood and the hybrids. Love the 4 wood because the distance it covers and easier to get off the turf than the traditional 3 wood.
Other to consider is, the modern 5 wood is now the same length as the tradition 3 wood if not longer in length. The longer the length, the more difficult to control with off the turf golf shot.
I never had any issue of getting the elevation of trajectory for all my golf shots so, not missing the 5 wood. However, occasionally, I do put the 5 wood in the bag adjusting for the playing condition.