The astronauts would get nitrogen narcosis even worse than in 40 m deep water breathing air. In both cases the gas pressure is 5 bar, but under water the partial pressure of nitrogen is 3.95 bar but in the spaceship 4.79 bar. This is equivalent to about 50 m deep water breathing air. See Wikipedia for signs and symptoms of the narcosis. These symptoms would endanger the life of a diver or astronaut.
But the spaceship would get too heavy anyway when built for 5 instead of 1 bar.
To avoid decompression sickness during an EVA, a partial pressure of nitrogen of 4.79 bar can't be used. A space suit pressurized to 5 bar is totally useless, so pure oxygen with about 0.3 to 0.4 bar is used to keep the suit flexible. A very long decompression procedure (several days) would be needed to avoid decompression sickness during transfer from 5 bar to only 0.4 bar.
So to avoid all these problems, high pressure swimming is impossible.