Yes, it does. On the other edge case, with really large amounts of money, the perceived value of a differences might be hard to grasp. It's hard to see a penny as worth anything, and it's also hard to really grasp the difference in value between a trillion dollars and 1.1 trillion dollars.

Since 5 dollars is a denomination of US bills I think it has a significant psychological weight to considering it's value (for anyone familiar with US currency). You think of $5 and you know what it is,what it's worth to you, what you'd spend it on.

This might be a hold over from handling cash, where that $5 spent on a service might be competing with your lunch or bus ticket. I suppose dealing increasingly with debit/credit cards in place of small cash transactions where it's "just $5 in your entire bank account" will likely lessen this effect.