Obviously, the No 5 is shorter, lighter, noisier etc, but it wasn't developed on a wild whim, rather, as a perceived requirement for a rifle that was a bit more suitable for use in "jungles", and for vehicle crews and troops throwing themselves out of aircraft.. Besides all that, the advent of "fire and movement" with a section MG (Lewis, BREN) had altered tactical thinking greatly.
And the introduction in combat at the same time of the MP43/44 showed where the future was going to be with infantry battle rifles....which is why the No.5 got dropped as soon as they could.