Where I see room for optimism is less the five year part and more the fact that Freemo's paid plans do at least seem potentially sustainable.
Where I see less room for optimism is that based on my experience trying to sign up for their former "free experiment," their customer service (and website updates) make Tracfone look like a well-paid, well-informed personal concierge.
It's still borderline tempting to me, except I would not bet on them permitting the use of a different device; the A12, even in the unlikely event they shipped me the dual-SIM model, would be a downgrade in too many respects and an upgrade only in that if I'm reading the relevant articles correctly, it looks like it should be getting Android 13. But I'm already using better hardware (in most respects, at least, I think) and waiting for delivery of a device I'm mostly committed to, and not really interested in anything else after those that can't run GrapheneOS, which effectively limits me to Pixels.
And betting $250 on them lasting would be iffy anyway. And then there's the product page saying " Brand New Samsung A12 + 5 Years of Free* Service" but seeming to have neither a footnote to go with that asterisk nor any place I've found so far that lists the complete terms of the offer...