I don't specifically have the Element 5 but I use the regular CalDigit Element Hub (the one with 3 TB ports in the back and 4 USB-A ports in the front - it's apparently Thunderbolt 4?). I did have the OWC Thunderbolt 5 hub, too.
TL;DR: If you value reliability, I'd go for the CalDigit.
When I had the OWC hub, it glitched out within just 3 weeks. Apparently it was due to overheating or something like that. It would frequently disconnect the displays at first. I thought it was because I was trying to ask the hub to supply power to my Macbook as well, so I connected extra power to the Macbook to lighten the load. But a month later, the hub disconnected itself from the Macbook multiple times and would randomly wake the Macbook. I thought it was an outlier so I asked for a replacement. But nope, the replacement again exhibited similar behavior within 2 weeks.
So right after that, I got the Element hub from CalDigit since it was on sale.
Not a single disconnect with the Element hub. I have used the hub to supply both my Macbook and work-issued Dell Precision laptop that actually asks for even more power. Both have been solid with the CalDigit. Not a single disconnect for months. I've been driving 2 external displays with the CalDigit plus a bunch of peripherals connected to all of the USB ports. In fact, I even use the front USB-A ports to charge both my phone and iPad Mini from time to time. Still solid.
So my personal experience is: CalDigit is what I'd go to for reliability. Plus it's also a good deal smaller to boot.