The Raspberry Pi 5 has a dedicated debug UART connector. It has a maximum baud rate of 921,600bps, which can be configured with an EEPROM parameter. It is always active and enabled, and provides direct access to early boot and firmware information; as well as a Linux console after boot.

The UART connector is a three-pin header compatible with the Raspberry Pi Debug Connector specification. A cable terminating in an appropriate JST connector allowing you to connect to the UART is provided with the Debug Probe.
The Raspberry Pi Debug Probe connected to Raspberry Pi 5
By default it offers a 115,200 baud 8N1 connection on /dev/ttyAMA0 (aliased to /dev/serial0).

Unlike previous Raspberry Pi models, where you could enable a serial console on GPIO14 and 15, enabling a serial console from raspi-config will enable a serial console on the new UART connector on /dev/ttyAMA0 on Raspberry Pi 5.