Well, sort of......
The circuitry works better at 10 or 12 volts, but it will function at 5 volts.
The issue is that the output range is limited to between approximately Gnd plus about 0.3 volts and Supply Voltage minus 0.6 volts. This does not change as you lower the supply voltage so the limitation gets worse percentage wise as the supply voltage is reduced.
If you need better results you could provide an isolated 12 volt supply and then use a resistor divider on the output to scale the range to 0-5 volts.
The circuit also uses an active filter to help smooth out the PWM frequency more than a capacitor alone would smooth it.
