A meter with a 5 deg angle of view is perfectively effective in measuring the reflectance of areas that subtend angles of 5 degrees.
Actually, you don't need a spot meter. You can use an ordinary averaging meter. If you want to measure the light in a small area, all you have to do is walk up to the subject to make the reading.
Ultimately, it comes down to a matter of convenience. A meter with a 5 degree spot capability is not as convenient as a 1 deg meter when it comes to metering small areas. On the other hand, my 1 deg meter does not have flash metering capability. You pay your money and take your choice.