Its not about every 5 seconds. Its about when I find the action on screen not engaging I take a recap of where everyone stands and whos making what kind of progress, instead or relying on someones elses idea when that information should be made available to me. I decide when to read the info, not someone else.
Imagine Alonso makes a pitstop. Under your conditions I'd be given the info how long his stop was and where he came out and that's about it. But now I can follow is he passing the people he came out behind or not. If Hamilton is to stop next I know if he is gonna come out ahead or behind Alonso, instead of being totally clueless about it. I can then understand he is not coming into pit, because he'd just fall behind Fernando anyway, so it makes sense for him to extend his stint and hope for a virtual safety car. Most all of this information would be lost with your version and I'd be at the end of the race scratching my head why Hamilton didn't come in to cover Alonso. I can read the race.
Actually one thing the timing tower does real badly is show how pit stop strategies might be playing out. Rather than always showing the gaps, either relative to to the leader, it would be more useful in following the race if it showed the number of pit stops and where the pit stop delta would put drivers of interest were they to stop.