The probability that an observation is beyond 5 standard deviations is < 1/25 = 4%, according to Chebyshev's inequality, provided the variance of the distribution is finite (which, as you say, is not guaranteed, eg. for Cauchy distributed random variables).
Yes, for a normal, which is known to have extremely thin tails (decaying with a squared exponential!). Chebyshev's bound holds for any possible distribution (with finite variance).
If the observed variable is “the mean temperature in a given day”, 4% can be expected to occur relatively frequently.
Anyway until we know the probability distribution, and my intuition says that it’s definitely not Normal for wide periods of time, we can’t say if it’s significant or not.
Yes, for a normal, which is known to have extremely thin tails (decaying with a squared exponential!). Chebyshev's bound holds for any possible distribution (with finite variance).
https://en.wikipedia.org/wiki/Chebyshev's_inequality
https://en.wikipedia.org/wiki/Cauchy_distribution