After thinking on my own comments on depth, it dawned on me that the opposite could also be true in terms of talent gap. That is - if the teams at the top have more top players who can play at their best for a full 90, then it's an advantage to them to force everyone else to play the full 90 even if they can't hang for a full 90. As far as fitness is concerned, you could argue that teams that have more talent outside their starting 11 could just as well rotate starters between games (and absolutely rotate starters for early Cup games without risking a loss) whereas lesser clubs can't.
I could make a case that allowing more subs could mean that a lower-tier club could frustrate better clubs more... fore example, put scrappy pressing forwards/mids in the game at the beginning and then bring on your more skilled attacking players late in the game to try and steal a win (or steal back a draw). It would allow good coaches an opportunity to exploit matchups that could perhaps neutralize the talent gap. In the Bundesliga and Leipzig in particular who I follow... I see lots more teams this year implementing a high press early and then using the extra 2 subs to rotate in fresh legs. It's certainly making games more entertaining, and it's yielded some surprising results.
And from a competitive standpoint, I'd say 5 subs hasn't made things more unfair at all in the Bundesliga, in fact, the opposite could be true.