search and find match for 2 table columns - first 5 characters, return True/Falase

Rewriting this problem with some changes bc my last thread went quiet. Originally I wanted to try this with conditional formatting, but decided to try a helper column since I could not get it to work.

The objective is to search table1column1 to see if there is a match in table2column2 for only the first 5 characters of a string. If a match exists anywhere in the column, return True or False in a different column.

Seems simple enough, but excel is not my thing so I really appreciate the help.