1. Probably your test script does not need more than 5 concurrent connections. For example, if a URL only contains 1 main site and 4 resource (image, js, css, etc.), 5 connections is obviously enough. The parameter is a "allowed" maximum number, not a mandatory number. The replay engine will optimzie the connecitons as needed. Any new request will reuse the previous connection if possible.
2. We should choose a connection number which is close to real browser. BTW, in LR 11.5 the connection number can be automatically decided by browser agent string.