5g is not about speed. it's about latency aka ping
5g is about whatever the Carrier's Advertising Agencies want to make it about which is whatever makes consumers think their lives will be much better if they have it.
Here is a summary of my experience the last 5 months.
Had a Samsung S10 5G which only supports the UW (short range 5G in just a few cities right now). Never got to try it as I don't live in one of the 3% of the area that's covered. I had an opportunty to get an S20 Plus brand new for $550 (purchased outright - not carrier specific) so I grabbed it and decided to explore 5G capability now having the ability to get the mid-long range frequencies. I soon discovered my Factory Unlocked version didn't get the Android 11 update yet that unlocked those frequencies that Verizon is using for mid-long range 5G (DSS 4G LTE essentially as others have noted). So I got a T-Mobile pre-paid account, same thing, no 5G indicator, but my LTE speeds were double what I was getting from Verizon like 90 mbit/s instead of 45. (This discovery allowed me to dump Comcast for T-mobile Home Internet btw as 90mbit is plenty fast for my home.) Come to find it's just that T-mobile has a tower much closer in my Seattle suburb.
But instead of switching to T-mobile for faster 4G LTE, I decided to stick with Verizon after careful examination of overall call/data coverage maps around the US. Verizon still beats T-Mobile in coverage when you get outside of cities and I've found this to be my personal experience in recent years. Tmobile is really solid, in-city and along major highways, freeways, but once you get off the beaten path you lose signal a lot more often on Tmobile.
I got the update on my S20 for Android 11 a couple months ago, and now have the 5G indicator. The download speed is basically the same as it's just 4G DSS, but the 5G indicator is what the carriers want people to see to make them feel it was worth buying/financing that new 5G phone. The UPLOAD speeds however did significantly increase when going to Verizon's "fake" 5G (4G LTE DSS) by about double in my area. Upload on a phone isn't as important as on your laptop/PC but that WAS the big difference.
Tmobile is going to have mid-range 5G coverage expand much faster than Verizon due to its purchase of Sprint. But really, what do I need speeds over 45 mbit for? NOTHING. I can stream 4K video at 20mbit. It's all hype. Where it may come into benefit is like at a big stadium with 50K people using their phones, the 5G UW will come in handy in those situations where typically 4G gets saturated and crawls to a snail's pace.