How can I retrieve comments from last 5 minutes for a post?

Note that the function wp_list_comments() doesn’t fetch the comments, only displays them in various ways depending on the input arguments.

You’re actually using the WP_Comment_Query/get_comments input arguments into wp_list_comments().

You could try this instead:

$postID = 12345; // Adjust this!

$comments = get_comments( 
    [
        'date_query' => [
            'after'     => '5 minutes ago',
            'inclusive' => true,
        ],
        'post_id' => $postID,
        'status'  => 'approve',  
    ] 
);

printf( 
    '<ol>%s<ol>', 
     wp_list_comments( $args = [ 'echo' => 0 ], $comments )
);

where you can play with the comment output through the $args input array.

Check the Codex here.

Note that we can skip the before attribute when we use after attribute.