Nobody is going to make native Thunderbolt 5 displays except Apple.
But Thunderbolt 5 supports DisplayPort 2.1, which supports 2x daisy-chained 4K 240 Hz displays over a single cable, or a single 4k 480 Hz display, or a single 8K 120 Hz display.
There is already one DP 2.1 display on the market, which is AORUS FO32U2P; it's a 4K 240 Hz OLED which supports daisy-chain to another 4K 240 Hz display. Whether all this is compatible with macOS is an open question.
OLEDs can be overclocked pretty much indefinitely; the bottleneck at the moment is the display controller itself, not the panel. Pretty sure that next year, at least some vendors will come up with 4K 480 Hz displays based on Samsung's QD-OLEDs or LG's WOLEDS; it's a question of when, not if.
So you'll be able to enjoy this technology quite soon. And maybe someone will even make cables that are longer than 1 meter!