Not quite; g drops materially between 100 km and 1000 km. 8 minutes I believe is quite close, whereas 5t^2 (or even 4.9t^2) will lead to underestimating time.

The radius of the earth is around 6300km. The difference in g at the start (between 6400km and 7400km) is 25%. But gets less as you fall. So it might make somewhere around a 10-15% difference overall? So s=5t^2 is fine unless you need a super accurate figure, in which case you need to do some calculus. I would trust an LLM with calculus even less.