Lifting fast will make you stronger, but strength is not hypertrophy. However, strength will help you increase volume, and volume is one of the primary causes of muscle growth. For more on volume's relation to hypertrophy I recommend Strengtheory's article on volume, which has plenty of references. The bottom line there is that hypertrophy is largely determined by the number of challenging (read: to failure or near-failure) sets.
My recommendation for someone doing a 5x5 with the goal of hypertrophy is to do the reps relatively fast. It's even recommended for strength gains to be explosive, even on "slow" lifts like the squat. This helps with recruiting fast-twitch muscle fibers.
As to the time between reps within a set, I'd recommend not referring to this as "rest", since that confuses the issue with actual rest periods between sets. It also doesn't reflect how that time should feel: if standing with the bar on your shoulders during a squat set is easy, you're not squatting enough. It should be slightly taxing. But time-between-reps-within-a-set should be between half a breath and a few breaths. For something like squats or presses, where you're bearing the weight between reps, it's really up to you regardless: if you're doing a 20-rep squat set and want to take ten breaths between rep 18 and 19 (and you should!), then go ahead. It doesn't make rep 19 any easier or less effective. For exercises where you're not bearing the weight, try to keep that time minimal, within the context of "a few breaths". For example, if between deadlift reps you take five breaths at the bottom, then it's not really a single set anymore because you're taking true rest.