It's only 4D. I believe they called it 5D chess because they didn't want people to interpret this as 3D chess + time. If I recall correctly, the tutorial mentions at some point that the 5th dimension is "unused".
1. Horizontal within a board
2. Vertical within a board
3. Backwards and forwards along a timeline
4. Up and down across timelines
5. The timeline of how the game actually evolves, building out the tree. This is a bit of a stretch, since you can't move pieces through it in the same way as the other four.