In practice, this can make the math quite a bit messier, but I don't think it necessarily has been worse overall from my perspective.
So instead of having your system be up or down 99% of the time in a monolith, you'll have it fully up 95% of the time (using your numbers), but of that 5% of downtime, 20% of the time one of your products will be running slowly, or 10% of the time some new feature you launched won't work for specific customers in some specific region, etc.
At my company it makes things like SLA/SLO guarantees for "our services" pretty complicated in that it's hard to define what uptime truly means, but overall I think the five microservice approach, when done well, should have less than 1% of complete downtime, at the cost of more partial downtime