Should I wait for the Mac Studio M5 before buying for film editing?

Computers will always be faster, better, and cheaper if you wait.

If and When the M5 studio is released, it may have bugs that take quite a while to resolve. So you will likely be faced with the dilemma, "Should you buy the M5, or wait for the faster-better-cheaper next model to be released?"

if you have work to do now, "hold your nose and vote". Buy the best available now for your work now, and get your work done.

Even after newer systems are released, that system will still be very good. It will not somehow change from being the "best available" to something awful. Eventually, over the coming years, as other systems are released, it will age into being something ordinary instead of extraordinary.

And that is exactly how this movie always goes.

No one here knows or can speculate when the next model will be released or what it will be.

Buy what is offered at that time with the necessary upgrades. Buy Mac Studio - Apple

No.