A short interval such as 5 seconds can feel much longer in practice if the timer waits for the page to fully load before it starts counting. By default, Auto Refresh begins the countdown only after the page is ready, so a slow network, slow server or busy machine effectively adds itself on top of the interval you configured.
There is a single option that fixes this: "Start counter immediately as soon as URL start loading". With it enabled, the countdown begins the moment the new page request goes out, instead of waiting until it has finished rendering.

The interval value (5 seconds, 10 seconds, etc.) controls the time between countdowns, not between page request and page request. The total time you see in the address bar is roughly:
With "Start counter immediately as soon as URL start loading" enabled, the configured interval and the page load time overlap as much as possible, so the countdown is no longer paused while the page renders.
Learn how to automatically refresh a page on Edge using the Auto Refresh Edge extension. This step-by-step guide shows how to set custom refresh intervals, auto reload web pages, and keep content updated without manually refreshing your browser.