Is this a switch or a light? Those domains have a toggle action. You could use a loop timer node to fire every 5 min to a toggle action node. The loop timer node can be reset with a message to stop it.
That still uses two nodes - the same as my current one with two delay nodes in a loop, one fires on the other fires off, it works ok but was trying to grasp a way to do it with just one node
The only way to do everything in one node would be with a function. Even then a function cannot directly run an action. You would need to interact with the api, which can be done in a function I believe but it's a convoluted way of doing things.