And yes, the exact numbers are arbitrary, but their ballpark isn't. You reduce the necessary certainty if you have confidence on your priors, and increase it if you test many different hypotheses. The target confidence also varies from one discipline to another based on how much data one can realistically gather, but nearly all of physics falls on the "we can gather enough data" category anyway.
So there is some fine adjustment possible, but it's very small on the experiments where you need a lot of confidence. There is more margin to judge low non-significant results at the low confidence end, as exponentials grow slowly when they are small.
See, eg, the look-elsewhere effect [1] or the problem of multiple comparisons [2].
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[1] https://en.wikipedia.org/wiki/Look-elsewhere_effect
[2] https://en.wikipedia.org/wiki/Multiple_comparisons_problem
How many measurements do they make at CERN? They probably see random 3 sigma measurements fairly often.
For a fixed range, the probability of being outside that range decays like 1/k^n.
But for a fixed probability, the width of the range with that probability decays like 1/sqrt(n).
However, all the numbers are, well, arbitrary. By that I mean that there is nothing special about 3 sigma or 5 sigma or p-value less than 0.05. The actual value is arbitrary and used because it has high inertia, i.e. commonly used in literature.