Training volume aside, I think what Jakob knows is that Lagat set his PR in the 1,500 at age 26 and his 5,000 PR 10 years later at 36. Lagat ran the second fastest 1,500 in history but was no slouch at the 5,000 winning a world championship gold (doubling with the 1,500) and two silvers. Lagat didn't focus as much on 5,000 until later in his career which isn't a typical and generally one's endurance slows later than one's speed which is why you see so many middle distance runners start moving to longer distances as they approach 30 and beyond. Even El G who retired on the younger side set his 5,000M PR several years after he had peaked at the 1,5000.
What I expect is that Jakob will continue to focus more on the 1,500 (while also competing in the 5,000) as long as he feels he can win and then maybe in a few years he starts to really focus on the 5,000. I expect his lifetime PR will be under 12:40 but it wouldn't surprise me if that comes later in his career.
I am sure Lagat could have run faster than 12:50 for the 5000 if he had solely focused on it earlier in his career but the fact is he had great success at that distance and I don't think he was ever going to be in the top 3 all-time like he was at the 1,500 no matter what he did. If not for El G we'd be talking about Lagat being the greatest given his World Championship Double, 1,500 world record, and at least one Olympic Gold Medal.
Who knows what Jakob will or will not do but I'd suspect he will get to 3:27 in the next year and probably under 12:40 in the next 3-5.
World Records are nice but as many folks have said the likelihood of them happening in a 5,000 olympic or championship race are slim to known people are going for the gold. It is more common in the 1,500 but for every fast finish like 2021 Tokyo Olympics there are an equal number of slow tactical races like 2016 Rio.