P: Camera Raw: Canon R5 Raw images are underexposed

the jpgs have camera settings baked into them and LR doesn't recognize those settings.

this is an incredibly common issue and there are countless articles about the subject. 

https://www.google.com/search?q=lightroom+changes+color+after+import

The JPEG preview has no bearing on the raw exposure. Again, exposure of raw can only be evaluated with proper tools outside of LR.

Well when the images are imported I see a jpeg preview which is the right exposure but then then when it loads the RAW, it becomes very dark. Would you say that is normal? Didn't happen to my other cameras. 

I am not seeing any problems with the R5 RAW images I have imported. Using LR Classic 9.4

Adjust brightness as desired and make an import preset. Now again, they may be under exposed but there is no way to view actual exposure in LR. Upload a raw, I can examine in RawDigger or you can with its demo.

What do they look like imported into ACR?  Since ACR and LR use the same algorithms, you can determine whether LR, ACR or the algorithm is at fault.  What do the metadata say about the photos.  You say they are 1.5 to 2 stops underexposed when demosaicked, but do the metadata match your original camera settings that you say are correct?  If I read the 9.4 release notes for the R5, it seems to say that support is preliminary.  That suggests further optimizations will come in subsequent releases.

What I meant is that they are very dark when imported even though the exposure is correct in camera. I have to bump up the exposure to 1.5 to 2 stops. This didn't happen with my other Canon cameras. 

You can't know anything about the exposure without viewing a raw Histogram and none exists in ACR or Lightroom. 

The images appear too dark with perhaps a default rendering. You can adjust image brightness with the controls provided, but this has nothing to do with exposure (Exposure only takes place at image capture, the result of the amount of light striking the sensor so just Aperture and Shutter). 
If you want to evaluate actual exposure, you need a tool like RawDigger to view a raw Histogram. 

Articles on exposing for raw:
http://www.onezone.photos
http://schewephoto.com/ETTR/
https://luminous-landscape.com/the-optimum-digital-exposure/
http://digitaldog.net/files/ExposeForRaw.pdf
https://www.fastrawviewer.com/blog/mystic-exposure-triangle
https://www.fastrawviewer.com/blog/red_flowers_photography_to-see-the-real-picture
https://www.rawdigger.com/howtouse/exposure-for-raw-or-for-jpegs
https://www.rawdigger.com/howtouse/beware-histogram
https://www.rawdigger.com/howtouse/calibrate-exposure-meter-to-improve-dynamic-range