Hello Richa,
No , it's not a good idea to run scheduler at intervals of less than 10 minutes.
The reason is that , due to some issue , the workflow execution may be stuck for longer than 5 minutes and if the scheduler kicks in while the workflow is still running it can cause multiple workflow instances for the same workflow and cause duplication of data and delivery.
It's best to avoid such less intervals for schedulers
Regards,
Adhiyan