Automatic page refresh and Scheduled refresh Differences

Hi mit1 
Schedule refresh is limited to 8 times a day with pro capacity and 48 times in premium so it can't meet a goal of 5 minutes intervals.
So you need to use direct query or
check the option of 

real time streaming dataset or push dataset(manually push new records to dataset), they were more quickly than a scheduled refresh.

Reference links:

Real-time streaming in Power BI 

Push data into a Power BI dataset 

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Hello mit1 ,

if your goal is to create a dashboard that refreshes every 5 min, then you need to use the direct query mode and set the automatic page refresh to 5 min. This won't work with import mode.