Or.....
Centre punch the middle of the hole you want to cut out.
Scribe the circle with a pair of dividers
'Stitch drill' out the hole with a 5mm bit, keeping just inside the scribed line - a long series of small holes
Knock out the middle
Use a half-round file to file the edges down to your scribed line
Probably quicker than watching a hole saw go round and round for hours on end?