Yes, but a 2-3/4" 12 gauge round of 00 buck typically contains 8 pellets of .33 caliber each. Also, some shotguns have a larger capacity than 5 rounds. For example, my fully loaded Mossberg 500 can discharge 64 pellets without reloading.
You’re still limited to pulling that trigger 8 times. It’s not like you can control the time & placement of each of those 64 pellets individually. I can, with little more than one mag change.
Oh, sure, it all comes down to tradeoffs. After much contemplation, I’ve opted for a shortie AR15: damage per round may be less, but still considerable; range is from arm’s reach to as far as I can see darn near anywhere I’ll be; suppressor is an option; I can reload 30 rounds as fast as you can 1; and the out-of-ammo “brick wall effect” is much less likely (4x the rounds before empty). I’ll grant that per round you get a bigger messier hole.