A couple things I didn't see mentioned. A 5C has a gripping range of only +- a couple thou. An ER has a usable range of 1mm, except for the smallest sizes. It takes a lot more 5C collets to cover a given range of sizes than it does with ER.
While a 5C can be fitted with a collet stop to control length of a part, it will not repeat that length if there is any variation in diameter.
A 5C is capable of holding very short work. The ER needs stock to extend nearly all the way through the collet to grip properly.
An ER flange type collet chuck plus backplate will be shorter than a 5C spindle nose collet chuck, but not by much.
A 5C spindle nose chuck is slightly easier to operate than the ER. 5C needs only the chuck wrench. The ER requires 2 wrenches or a wrench and a tommy bar. (I apologize for saying wrench instead of spanner. I grew up west of the Atlantic.)