Does the water in hydrates affect final concentration?
Firstly, copper would have to be in the 4+ oxidation state for there to be $\ce{Cu(SO4)2.5H2O}$, so this isn't a realistic question.

But, no it won't be 5M, because you need to know the final volume of the solution to calculate molarity.  If you add 345.55 grams of just about anything I can think of to 200 mL of water, the volume will increase substantially.  So not only will the 90 grams of hydrate water add to the volume of the final solution, generally you need to consider how all added substances contribute the final volume.  

In some cases, such as magnisium sulfate, a small amount added to water can actually decrease the volume.