I keep 4 gallons of ~100F water in gallon jugs and do 7 full water exchanges where I pour water in and dump it. The first two fill/dumps I do back to back just get as much dilution as possible, then from there, for the remaining 5, I fill it and let it sit for 1 minute, then dump it. Depending on the tank size I'm using, this uses 2-3 gallons. I typically am processing 5-6 rolls per tank.
The process is:
first developer
stop bath
wash
color developer
wash
blix
wash
stabilize
The last wash right before stabilize is 15 minutes in a film washer with a flow rate of ~1 liter per minute.
As
@Rudeofus said, the first thing that happens is dilution, the second is ion exchange through diffusion, which takes time. The way I see it is if it was able to get into the emulsion and work in less than 5 minutes, then 5 minutes where it would be diffusing back out is sufficient to get it down to levels that are low enough that it won't mess with the next chemical step, and indeed that is the case as my slides come out perfectly. The final wash in the washer is insurance to make sure everything is washed out. If you wanted to be super paranoid, you could extend the time spent in clean water, but in my experience, the first 2 fill and dumps takes care of most of the stuff, then from there, it's just spending time diffusing in clean water to get the rest of it out of the emulsion.
If you look at the C-41 process, the washes between baths isn't particularly long, and the Arista E-6 kit specifies a similar method I just described.