Don't be put off by its viscosity. Of course a 5w-30 feels thin compared with thicker oils, but oil thickness is not a guide to its capability.
An extreme example would be compare tar with light household oil. Both are mineral oil. What matters is film strength, as well as other properties, determined by the additive spec and shown by the approvals codings. A thin oil with the correct approvals is probably better than a thicker one with earlier approvals.
In the early eighties, Vauxhall (Opel) were one of the first to specify 10w-40 instead of 20w-50 for their OHC engines. A work colleague, with a brand new Astra reacted to the thinner oil and replaced it with 20w-50. Then his camshaft seized, having been starved of oil until the engine was hot as the thicker oil would not pass through the tiny oilways properly.