Is there a 5-second rewind button on iTunes?
For macOS users, hold down Command + Option, then press left/right arrow to skip backward/forward five seconds.

For Windows users, hold down Control + Alt, then press left/right arrow to skip backward/forward five seconds. The shortcut also works for VLC.

I also have KMPlayer and 5KPlayer installed as alternative players, and the shortcut is easy to remember:left/right arrow for 5 second rewind/forward.