This is what the WW is doing on the recent posts page :),
Yes and it is annoying.
When on WW I'm on desktop so it is less annoying, but users on phones that pay for data have to pay for bandwidth every 5 minutes whether or not there is anything new. It is a waste.
From server perspective, if you have many users sitting on a page waiting, they will be sending requests to server every 5 minutes, often for nothing, more waste.
If a post is made immediately after the last refresh then one needs to wait another 5 minutes before seeing it. If one is waiting for a response, say in a heated discussion, this can cause users to be hitting refresh button frequently causing even more useless load on the server.
Another issue is that if one wants to check if there is a new post available, then only do a Fetch request for that post, not for the entire page, it serves no purpose. The OP is suggesting location.reload() which reloads the entire page. More waste.
But this discussion is somewhat moot, because we don't know what the OP wants to achieve. Is the reload there to artificially increase pageviews, show more ads, get new content or whatever.