Is this adapter capable of supporting a 5K monitor?

The adapter supports 5K monitors only when using a Thunderbolt 3 5K monitor. DisplayPort 5K monitors are not compatible.

Is the installation process of this adapter complicated?

The installation process involves using only a Phillips type screwdriver and features automatic driver installation, making it straightforward.

Yes, this adapter allows you to connect FireWire peripherals to a Thunderbolt 3 computer.

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StarTech BNDTB1394B3 Thunderbolt 3 to Firewire Adapter - 1394 FireWire - External PCIe Enclosure / Chassis plus Card - with DisplayPort Monitor Port

The Thunderbolt 3 to 1394 FireWire adapter connects your FireWire peripherals to your Thunderbolt 3 computer
Connect FireWire peripherals to TB3 devices
Easily swap PCIe cards with screwdriver
Thunderbolt 3 to FireWire 400 adapter / Thunderbolt 3 to FireWire 800 adapter / External PCI express enclosure / External PCI express slot / PCIe expansion slot / PCIe slot / Thunderbolt 3 expansion chassis / Thunderbolt 3 FireWire adapter / Thunderbolt 3 PCIe box / Thunderbolt 3 PCIe enclosure