Yes and no. If you are living near base station in a big city it will work. But in the countryside where no good connection from ISP equipment to the base station the bottleneck will be this link. Furthermore, 5G uses a higher frequency than LTE, it could be not cost-effective to cover remote regions with small number of users. Starlink could solve problems with cables, but adds problems with RTT. Maybe one day all FAANG companies will open data centres on Earth orbit.

Verizon has started rolling out 5G home internet. It's apparently pretty fast - not fiber fast, but still pretty fast, and with truly unlimited data for $70 month. Really exposes just how absolute bullshit their mobile plans at roughly $10/gb are. I've heard good things about it, and looking at their 5G map it's been installed in areas very close to my home in Chicago, but the stations need line of sight for internet and I'm about half a block out of the service area.

The 5G coverage maps are pretty revealing on just how limited the coverage is: https://www.verizon.com/5g/coverage-map/?city=chicago

Click on a neighborhood and look at the dark red areas running on top of the streets. I have no idea how they're going to get 5g base stations covering all of the smaller residential streets; right now only the bigger streets & downtown are well covered. And even then the internet requires an antenna unit in a window with LoS to the base station, which is OK, but not sure how 5g is going to be practical for phones indoors.

to my knowledge, 5G and other cellular bands are regulated in most countries. You're dependant on an external decision if your area gets served.

If some radio bands with wide range technologies get unregulated for public usage and access to equipment is possible - then communities can decide on their own.