Earlier quoted context omitted.
5G is nothing but marketing wank. Carriers aren't deploying some new sci-fi technology, they are just incrementally upgrading their networks to a more recent (and backwards compatible) revision of the LTE standard.
5G is a generation of cellular network tech that allows higeher frequency and more spread out (oversimplifying a bit) cell "towers". Even if you don't use 5G (or any tech at all) it can be used to track your movement with good precision.
An optional part of the new LTE revision is support for millimeter wave radios. These radios have very short range and so you would need a lot of them, more like WiFi hotspots than cell towers. I guess that means that the carrier could geolocate you better, but only if you have a supported device and are very near a millimeter wave AP.