It should be noted that those two methods are not equivalent.
The "tap 5 times" methods starts a countdown to call emergency services, which you will need to cancel if you are just trying to temporarily disable biometrics. It can sometimes be a bit difficult to cancel that call.
Once when I used "5 taps" it opened Apple Pay after 2 taps (which is normal), opened the emergency screen and started the countdown after 5, and then switched back to the Apple Pay screen. I managed to get back to the emergency screen in time to cancel the countdown.
A couple other times when I've clicking cancel on the emergency screen it has turned on the flashlight.
The "hold power and a volume button" on the other hand brings up the emergency screen but down NOT start the countdown. If you keep holding the buttons for a few more seconds it will start the countdown. The phone vibrates when it brings up the emergency screen so it is pretty easy to wait for that and release the buttons so you don't start the countdown.
Also note that you can disable starting the countdown on 5 taps and/or on long power/volume hole in the Emergency SOS settings. 5 taps and long power/volume still bring up the emergency screen and still temporarily disable biometrics.
Right now, tapping power five times on my phone running iOS 16.1.1 opens an "emergency" mode, which allows anyone to call 911 or see my "Medical ID". It also has an option to "cancel" this mode, which returns the phone to a normal locked state but forces a passcode to unlock (i.e. Face ID will not unlock the phone in this state).
If those are off then they just open the emergency screen. If those are on then they open the emergency screen and start a countdown to automatically call emergency services.
On my phone they are on, but I don't remember if I set them to that or they came that way.