Google Pixel 5 features an under display speaker
Pixel 5's under display speaker is one of the things that made uniform bezels possible
In contrast, Pixel 5's top speaker is embedded within the display, below the proximity and ambient light sensor.
This has made a world of a difference when you compare the Pixel 5 to the Pixel 4, which has chunky bezels not just because of the top grill but also because of the Motion Sense radar chip and the Face Unlock system which are missing on its successor. The front camera also sits in a hole-punch cutout now.
Moving on, the report also notes that even though the under-display sensors seem to be centered in the diagram, that's likely not the case as a Pixel 5 screen protector on the Google Store hints that they are slightly left of center. At the time of writing, the said protector seems to be out of stock.