Intel is not even ready for 7nm, Their 7nm is delayed till 2022. So fastest they can do 5nm is in 2023(Seems unlikely though when they couldn't even manage to do 7nm).
ARM is not only threat to Intel. AMD caught up with Intel with Zen 2 and surpassed in Zen 3. Zen 4 5nm is planned for end 2021. If they can manage IPC gains same as Zen1-Zen2 or Zen2-Zen3, Intel is in serious trouble.