5E is low magic only with regard to the necessity of magic weapons and armor. You don't need to be laden down like a christmas tree with magic swords, armor, shields, cloaks, etc to be effective in combat.
However, 5E is ridiculously off the charts high magic with regards to access to magic and magic spells. Every class in the game has one or multiple magic using options (even barbarians get abilities that are magical in nature). Access to magic is ubiquitous and you can expect almost every character in a party to have inherent magical abilities.
As a result, I'd definitely say 5E is HIGH magic.