No. Bluestacks 5 relies on the same virtualization drivers as previous versions. There is no official portable ZIP. Any website claiming to have "Bluestacks 5 Portable ZIP" is 99.9% likely to be malware.
Do not risk your security chasing a mythical ZIP file. Use the official installer and a fast USB 3.0 SSD to carry your game data via symbolic links, or switch to cloud gaming. bluestacks portable zip
For true portability, consider using with a portable launcher — though this still requires initial system enablement. bluestacks portable zip