Not sure where your getting your information but the Pixel 5 has not gotten Android updates or security updates in over 7 months.
There are tons of examples of exploits being used to target EOL phones as its common for people to not care about these updates, or be misinformed, so they are easy targets.
If OP or anyone else wants to use an EOL phone that's fine but, don't pretend its a smart security practice. Although even if I were to use an EOL phone, LineageOS doesn't have the greatest background and isn't really degoogled
Its better to just go through the settings yourself then rely on arkenfox. This just adds a middleman into the process of keeping your settings updated.