NightRyder Hi and welcome to our forum!
Basically google is no longer providing OS and security updates for the Pixel 5 (as of Oct 2023)
The Pixel 5 is not yet labeled as EOL (End of life). Google states 'Guaranteed security updates until at least'. See How long can GrapheneOS support my device for: 'OEM minimum support length' for the Pixel 5 is 3 years.
Does GrapheneOS actually install new google security updates that are released?
You can check our change logs for the latest security patch updates on 2023110700 release lists:
(Pixel 4a (5G), Pixel 5, Pixel 5a, Pixel 6, Pixel 6 Pro, Pixel 6a, Pixel 7, Pixel 7 Pro, Pixel 7a, Pixel Tablet, Pixel Fold, emulator, generic, other targets)
- full 2023-11-01 security patch level
- full 2023-11-05 security patch level for generic targets and 5th/8th generation Pixels (6th/7th generation Pixels are marked as 2023-11-01 upstream which may be due to a missing Mali GPU kernel patch we can work on obtaining to apply early)
At the moment, yes. Until the Pixel 5 is officially EOL.
So will my pixel 5 essentially get google security updates (beyond October 2023 end of life) if i install the rom?
Edit: It is strongly advised to upgrade your device once it's EOL. See Which devices are recommended?.
i want to keep my phone but also be assured that it will be safe to use (banking, etc)
GrapheneOS does provide extended support releases as a stopgap for users to transition to the far more secure current generation devices. However, there is no security patch updates. It is not recommended to use an EOL device for banking.
Also, this may interest you as far as banking apps go:
https://privsec.dev/posts/android/banking-applications-compatibility-with-grapheneos/