Location on Fenix 5 is quite inaccurate compared to Fenix 7 or Ultra - especially with tree cover.
I totally get all the arguments in favor of the Fenix 7 or related. It's really a question IMO of whether you want a mostly dedicated watch for relatively hardcore outdoor activities or if you want an Apple Watch and its ecosystem to do routine day-to-day smartwatch things while also doing a lot of outdoor activities better than prior Apple Watches though probably not overall as well as a dedicated device.
I was sort of on the fence prior to the latest announcement but, for me, the Ultra seems the pretty clear choice.