What particular feature? :earlier 5m? I'm afraid not. Emacs' C-/ acts like :earlier/:later/g-/g+ in that you can navigate the history across undos, but there's no support for specifying by number of minutes. I don't know if there's a package for it though. Evil-mode (vim emulation in emacs) doesn't seem to have support for that either.

I can't imagine it'd be that complicated to add it though, if you really want it. I think it'd just be a matter of hooking to the undo function and maintaining a list of timestamps for each item added to the undo list, then adding a command that lets you specify the number of minutes and figures out the correct undo item it should go back to by using that list of timestamps.