Since money seems to be no object and the child and dad seem quite responsible and so many suggest the
Mini 2, I'd agree and say to get a tello to help him fine tune his control skills while indoors and no wind, and get the
Mini 2 with prop guards for the outside. Though it seems you could afford a
Mavic 3 for him, there is no need and at 5 he is probably not that interested, at the moment, in the camera let alone the image quality, he just seems to enjoy the flying part.
More than half the fun of flying at that age is testing their skills as to what they can make the R/C do, whether a car or a flying drone. So, get the Tello for fun indoors and set up books around the room to help him improve his skill levels by landing on the various books. Maybe even make a few hoops for him to fly through, just for fun. That builds his skill level, challenges him in a safe way and makes it all fun. And the self-confidence he will gain, is icing on the top.
Before long he will be flying about in the same way he can walk about, without thinking of the movements he is making with each leg, knee ankle etc. and then he will get into the camera part of drone flying. That will be followed by thinking about making a video and then followed by learning to edit etc.
I've been flying, skiing and sailing for most of my life, as well as a photographer. I always wanted to teach my children all those things, especially since I was a ski instructor and flight instructor for years. So far, I've taught my 7 and 9 year olds the photography and skiing parts. Flying real airplanes, they are currently too young but maybe we will tackle some sailing this summer. Then I just have to stay competent in a few more years to teach them to fly, and my work here will be complete.
Have fun with your 5 year old, I think you now know what drone{s} to get him and I hope it is not just a phase for him, though I suspect it won't be, and he'll soon be flying circles around you and giving you advice. Remember... a child is a gift we send into the future, to a time we shall never be able to see, so enjoy every minute with him/them now. Get the two drones and have fun, together.