I don't know about 5 seasons but it has just been renewed for a 4th season.
from deadline.com:
Showtime has picked up Yellowjackets for a fourth season. The renewal, which comes a month after the Season 3 finale of the thriller drama, was expected following the strong ratings performance of the most recent installment.
The April 13 finale became the most-streamed Yellowjackets episode in series history with 3M global viewers in seven days across linear and streaming on Paramount+ with Showtime, per parent company Paramount Global, which also reported that Season 3 was the series’ most watched to date as well as the most engaged on social media.
L-R: Courtney Eaton as Teen Lottie, Jasmin Savoy Brown as Teen Taissa, Liv Hewson as Teen Van and
Anisa Harris as Teen Robin in 'Yellowjackets'
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Yellowjackets has become a cultural juggernaut, with season three shattering all previous records – we are thrilled to announce its renewal for a season four on Paramount+,” said Chris McCarthy, Co-CEO of Paramount Global and President of Showtime/MTV Entertainment Studios. “Ashley [Lyle] and Bart [Nickerson] have masterfully crafted an utterly singular, genre-defying phenomenon— a perfect alchemy of psychological horror, survival thriller, and coming-of-age drama that continues to captivate audiences worldwide, brought to life by our extraordinarily talented and beloved cast.”
On the heels of its most-watched season ever, Showtime has renewed Yellowjackets for a fourth season.
deadline.com