Is there a 5-second rewind button on iTunes?

For macOS users, hold down Command + Option, then press left/right arrow to skip backward/forward five seconds.

For Windows users, hold down Control + Alt, then press left/right arrow to skip backward/forward five seconds. The shortcut also works for VLC.

I also have KMPlayer and 5KPlayer installed as alternative players, and the shortcut is easy to remember:left/right arrow for 5 second rewind/forward.

To skip back/forwards 5 seconds, press ⌥⌘← or ⌥⌘→ respectively. Hold the keys down to keep jumping 5 seconds until you release.

There is not a dedicated button for this, but you can make one for yourself fairly easily.

Open Script Editor.app and add this to it:

-- iTunes rewind 5 seconds
tell application "iTunes" to set player position to (player position - 5)

Save it to ~/Library/Scripts/ (where ~ is your Home directory)

Then you can use FastScripts to assign it a global keyboard shortcut.

(FastScripts allows for 10 free keyboard shortcuts. If you need more, it's $10. Or you could use Keyboard Maestro instead.)

If you want to make a rewind button, it's the same idea:

-- iTunes Fast-Forward 30 seconds
tell application "iTunes" to set player position to (player position + 30)

Source: https://www.sixhat.net/applescript-how-to-skip-30rewind-10-seconds-in-itunes.html