The Soviets were insanely successful: From the 1920s to 1960s they raised the USSR to space age, industrialized it to become the 2nd superpower, won a world war, upgraded citizens from village huts to apartments, from being barefoot to cars and subways.
What 'went wrong' was the economic war that Kennedy admn. started to starve the USSR of GDP by starting an arms and space race. The USSR did not bite the space race bait, but arms race was impossible to not participate. So it did. Then in the 1970s, the US started an economic warfare against the USSR with the help of its Gulf allies by manipulating oil prices. That wasn't enough either, so Reagan started another arms race. In the end all of that combined, crippled the USSR and it went bankrupt.
The US also went bankrupt, but it was able to delay it for ~15 more years by printing money and pumping it into the stock market and real estate thanks to the reserve currency status of the dollar. That came crashing down in 2008. The US did some more of the same and dragged it a decade and half more and here we are, where everything is finally crashing down.
China avoided most of that economic warfare by sitting on the sidelines and taking lessons. Sometime a decade ago, it passed the threshold of being too well-rounded and large to fail. To the point that it became a driving engine of the world economy, but backed with actual goods and services instead of the financial voodoo that the US built everything on.
> Basically, is such 5 year plans a recipe for success
Yes, if your country can keep the private interests and capitalists under control. Otherwise, they derail every plan to maximize their profit by siphoning off state resources for little actual progress. Like how the last US administration's 'build back better' plan was derailed.