If that's how you feel about it...
It is the same on long operations. This is not based on benchmarks. This is my personal experience. YMMV, I guess, but realistically, I don't feel like I'm gaining anything from going to the i5, processing-performance-wise, that is.
Also, case in point: I actually had a m7/256GB machine earlier as well, until I found I needed more than 256GB of storage. The m7 machine actually ran slower than the m5 over the long term, although benchmark-wise, it would probably beat the m5 after a cold boot. In regular use, the m5 was faster.
Edit:
someone else also documented something similar, which is interesting.
I don't see where that 5 years or 7 years is coming in. Please do note that Apple still supports installing 10.13 on machines from 2009 - 2010. Those have been around 8-9 years.
I was responding more to your post that m5 2016 is a worse processor than m3 2017 because you think single-core score benchmark in Geekbench means something. I'm simply stating that it doesn't. Judging from the post above, I don't think I'm alone there.
Now, as for what the OP needs/doesn't need, I don't think we can judge for them. That's up to them to decide. What's more, if we are going to try and judge for them, then I'd say 512GB is a necessity anyway because they plan on doing
video editing.
That takes up storage space pretty fast. In fact, ask any hobbyist videographer you know and you'll receive exactly one answer: the most expensive thing they spend on in a computer is always
more and faster storage.
The m5 certainly does not have faster storage for sure, but it still has more. Considering
you cannot upgrade the storage in these machines and that we are talking about longevity (because you brought up OS support within 7 years for a machine that's only a bit over 1 year old), it's safe to assume that
the more storage the device has, the longer it'll last.
Seriously, don't ask me. Ask anyone who has used a Mac for long enough and you'll know what happens eventually after that initial "I think I should be fine with 128GB/256GB of storage" statement..
Better device overall? I'd say debatable. Honestly, the things I mentioned that the i5 does better are so little and so niche (video decoding, 4K external, slightly better keyboard) that I could have lived without the m5 had I not wanted the 16GB of RAM that the newer model provides. The problem is that I couldn't just simply upgrade the RAM in the m5. I had to purchase a new machine. This was what Apple forced me to do.
And again, that non-upgradeable factor is a very strong one. You'd say you only need 256GB of storage now until the time when you need more, and then you realize you can't get more without buying a whole new machine. Just like my RAM situation above.