Based on my experience there, which in full disclosure was one trip, I wouldn't risk it. We flew home from Florence through Schiphol summer before last. We had a tight connection in Schiphol, but I figured we would be fine because it was an EU to EU country flight. Well, the plane from Florence was small, so it dropped us off on the tarmac rather than at a gate. A bus picked us up and took us back to the main entrance of the terminal, which meant we had to go back through security with everyone else. And their security looked a lot like our TSA. They were hand-inspecting all carry on bags, and the agents were moving about as fast as the sloths in the DMV scene in Zootopia. Then, after security, we had to go through passport check/control. Which for some reason, unknown to the employees, had been completely shutdown. We were standing in a mass of people and going nowhere while two agents sat in their booths with no instructions.
I had already asked the security agent if he could give our bag check priority since our connection time was so close. When he looked at our ticket and saw we still had about 45 min, he said we had "plenty" of time. Thankfully, an employee working the passport control line took pity on us, escorted us to the front of the line, and the passport control agents let us through even though they weren't allowing anyone else to pass.
The airport is quite large, so we had to run to our gate. We made it just in time to board. I would fly through Schiphol again (our flight to Rome that connected there had no issues), but I would leave at least two hours to catch a connecting flight. And I certainly wouldn't leave the airport if I only had 5 hours.