So about that in the manual it quite literally says the following:
They literally occupy the same area on the motherboard with alternating socket sides. Even if it did work you're not going to stack a PCIe 4.0 and 5.0 drive.
Adding a PCIe 5.0 M.2 is not necessary for having a ton of M.2 connectivity. It's a tradeoff (until Intel adds dedicated lanes which they are) for very minimal returns to check a box. You can get the same thing by wiring up two PCIe slots to PCIe 5.0, but give your customers more flexibility in the process. Nobody should be happy with making their primary slot x8 and only being able to use x4 of the remnant.
You may be thinking about another motherboard model. The PG Riptide has five physically discrete M.2 slots that do not overlap. You can see this on page 7 of the
manual. In addition, the following warnings about the dedicated M.2 Gen 5 slot are as follows:
Page 2 - If M.2_GEN5 is occupied, PCIE1 will downgrade to x8 mode.
Page 4 - If M.2_GEN5 is occupied, PCIE1 will downgrade to x8 mode.
Page 25 - If M.2_GEN5 is occupied, PCIE1 will downgrade to x8 mode.
Page 44 - If M.2_GEN5 is occupied, PCIE1 will downgrade to x8 mode.
Page 47-52 - Cover installation of M2_1-4 and no warnings related to M2_GEN5
Page 12 - You can see the lane assignments where the M2_GEN5 slot shares ONLY with PCIE1
Further, the manual never refers to any M.2 slot as M2_5; only M2_1, M2_2, M2_3, M2_4 and M2_GEN5. You are of course free to correct any errors by referencing the appropriate page number in the manual.
But going back to your original statement. Your first sentence is correct in that using M2_GEN5 will drop PCIE1 to x8. However, your second sentence is incorrect because the PG Riptide can use five M2 drives at the same time.