Essentially yes. You have both options (1 account with multiple accounts or 5 emails/accounts each with it's own subscription). Personally I like the latter (I have 5 kids & a wife so I like the separate logins).
Supposedly Blizzard is going to re-open the Recruit-A-Friend program Soon(TM) but even though they announced it on 9/10/19 and it was in the Patch Notes it hasn't gone live yet for some reason. I likely will wait on it before maybe reactivating my 6-10 accounts but I am not sure I would wait for it for your 1st 5 though it is something to be aware of:
https://worldofwarcraft.com/en-us/ne...27426#comments
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