True, but the argument that a grade 5 will fail more slowly is also very true, and can be an important design consideration.
With steel, hard = strong. Hard also = brittle. The stronger you make the steel, the more dramatic the failure will be, and the failure will also happen in a much more immediate fashion.
Where this is a concern, and the strength of the grade 5 is adequate, it is a good idea to use the grade 5 - the extended area of plastic deformation then becomes a safety feature of the assembly.
Lower-grade bolts can also be used as "assembly fuses" - essentially creating an area of controlled failure. This is similar to the "crumple zone" idea with cars these days - make a solid cage that won't crush, and surround it with compartments that are designed to. This allows for a stronger cage (a good idea) that won't endanger anyone hitting it (?) That way, it's not like hitting a brick when you run into the car - problem is, it's a lot easier to "total" a vehicle than it was 15 years ago.
Having said all that, the SAE wasn't just making things silly when they came up with the grading system - there are valid reasons for using nearly any grade of bolts, if you look hard enough. It all depends on what you're designing. "Controlled failure" has become a damage-control option - sacrificing something you can afford to lose for something you can't. You'd be surprised what your options for safety can become once you decide to sacrifice something you don't need in a pinch...
5-90