Trying to edit/skip a video using the up/down arrow keys on the keyboard so i can quickly skip through the video however it skips like 10 seconds at a time, I would like to skip 5 seconds or less using the up or down arrow keys quickly not left or right arrow keys cause that's forward/rewinds it too slowly, is that possible to change this setting somewhere, if so please give me the exact steps.
Using Up/Down arrow keys or dragging the navigation slider seeks to keyframes, that's why it is fast. The seek granularity is determined by the way the currently loaded video has been encoded, short groups of pictures (GOPs) = small jumps, long GOPs (better compression) = big jumps.
To seek time-based instead of keyframe-based, use Shift+Left/Right (1s steps), Ctrl+Left/Right (2s steps) or Ctrl+Shift+Left/Right (4s steps) shortcuts. All of them are comparably slow due to the nature of video compression, especially when seeking backward.