Arithmetically that is correct and you have understood it.
The things that make it not the whole of it are all physical rather than mathematical:
The vial does not necessarily contain what the label says. Fill accuracy varies, and for anything not made under pharmaceutical quality systems it can vary a great deal. Your 5 mg is a claim.
The powder has volume. Small, usually negligible, but "2 mL of water" and "2 mL of solution" are not identical.
A U100 syringe is calibrated for insulin. The unit markings are a volume scale that happens to be labelled in insulin units. Reading them as volume is right; thinking they mean anything about your compound is not.
Losses. Dead space in the needle hub, a drop left in the barrel, a bit on the stopper.
None of that changes your maths. It changes how much confidence the number deserves, which is a different quantity and usually a smaller one.