That SIM card is not compatible with the pixel 5. You also have zero option to use an esim with the pixel 5 as well with tmobile. The only way I would be able to use this service is to activate it on sprint. Which is a terrible network that I faced a ton of issues with and I imagine is only going to degrade as time goes on.
For us customers that are still with sprint but use tmobile service. You are forced to only use phones purchased via sprint. My only choice is to pay a bunch of money to cancel sprint and move to another carrier or send the phone back. Unfortunately sending the phone back is the economical choice at this point.
Nothing like waiting over a month to get a phone and not be able to use it. In future news I will be switching carriers as soon as I possibly can.