Completely OP if you ignore Focus costs, crippling madness, and ripping your own life force out to accomplish a cruel mockery of the intended effects.
This about sums it up, but let's actually go through "Reset to five minutes ago" as a spell.
From the perspective of the three laws, this spell is already pretty banjaxed.
Law of Permanency? Unspecified, but that looks like a yes. You probably don't want all of those wounds to open back up again five minutes later, compounded by the wounds received in the interim.
Law of Uniqueness? Obliterated. Every object you're manipulating is highly specific, and it's being transmuted back to another highly specific state. The two objects may be similar, but five minutes gives room for many, many differences. (While they share almost every physical detail, down to the atom, a dead man is infinitely different from a live man)
Law of Scale? Massive breaches, in several ways. From the standpoint of belief: Time doesn't flow backwards, everyone knows this. Lot's of people hope and pray for it to occasionally do so, which mitigates the effect in a very small way, but everyone knows it doesn't happen. From a material scale: how much area are you attempting to reset? That difficulty increases with a pretty heavy exponential depending on how much space you're trying to take backwards.
Moreover, which five minutes ago? Is it the five minutes ago that you remember? If so, does that include your own memories? Does that include the memories of the people around you? To cast enforce those words, you'd have to successful channel your unique perception of the last five minutes across a screaming sea of voices that all have different perceptions of the last five minutes, and drown all of them out. The power for such a phrase would have many sources: the embarrassed child, desperately praying for their actions to have never occurred; the grieving mother, kneeling by her cooling child; the shamed poet, flame-faced after being completely roasted in front of his peers. If you failed to juggle even one of them, their thoughts and feelings would influence your spell, likely to disastrous effects.
You might have a fatal stroke before you even got the last word out.