Better than gaining i guess
Not really. Cycling weight over and over and over causes the body more stress than just staying put, even at a higher weight. It may only be 5 lbs, but hey, if you lose it and gain it back enough, that can add up to 50 lbs + recycled over the years. Not to mention the mental toll it takes along with the physical one. You waste your life worrying about something others won't even notice about you.
Not that I can talk, after all, it's 5 measly pounds that got me started on this fast track to heck in the first place! My biggest regret in life is not having left myself alone when I had the chance.
Besides, you want to quit bingeing, and I guarantee you won't until you stop trying to manipulate your body. You will make yourself fatter. It won't be 5lbs it will be 10lbs. The more you diet, the smarter your body gets.
It's like being poor. The less money coming in (calorie slashing), and the more you try to spend on an unneeded luxurious expense (weight loss), the more you penny-pinch in the end (slowed metabolic rate;body not losing despite best efforts). And even after you win the lottery and money flows like water (no more dieting), you don't immediately feel all that secure. After all, you've spent years being poor; it could all go away in a moment. Better hoard some in the bank for a while (initial weight gain that scares most people back to diets). It takes maybe a year
for you to feel comfortable enough to spend on a regular basis and now your account is balanced out with your normal life expenses (normal metabolic rate restored, and your body gravitates where it's supposed to be).
Still, no one can be talked into this. YOU have to be ready, and you aren't, because the thought of weight gain still scares you. Perhaps one day. I wish you luck