A level 5 finish has nothing to do with paint, so what did the walls look like prior to paint?

Because walls get painted after they are finished. The type of paint, number coats, finish of paint, and application of paint could affect the finish. For example, for a flat finish a glossy paint would highlight imperfections.

I'm not sure you are getting my the gist of my post.

That's a good photo. I fear it puts you in the gray zone. Drywall finish might be fine.

Having said that, it would be trivial to level out those bubbles with a pole sander and recoat if it was just paint.

And, having said that #2, that's a pretty hideous ceiling color. Sorry.

Looks to me like there was a lot of trash in the paint.

This is paint, right? Orange/ gold paint? Because I have never seen drywall mud in that color.

Is this all new work or repair?

Where the bubbles there before you painted? I get bubbles in my dry wall mud when I apply it over a painted wall. I have to sand and apply a second skim coat to smooth it out. I believe a level 5 finish should not show any imperfections.

Was the drywall, wiped and vacuumed well, before the paint went on? Looks a bit like it has a lot of drywall dust in it.

Is that a shadow of the tape I see at the top of the picture? Looks like two parallel lines about the same width as the tape which indicates to me that he needs to apply another coat of mud.A true level 5 finish requires a complete skim coat of the entire surface. Most people I see around here might do a very good level 4 but I don't visit the high end properties where you might find a true level 5 finish.