Yes, it would actually be executed hourly at 5 minutes after the hour.
cron table entry format
# * * * * * command to execute
# │ │ │ │ │
# │ │ │ │ │
# │ │ │ │ └───── day of week (0 - 6) (0 to 6 are Sunday to Saturday, or use names; 7 is Sunday, the same as 0)
# │ │ │ └──────────...