Olympus E-M5 III has a 20.0MP Four Thirds (17.4 x 13 mm ) sized MOS sensor and features TruePic VIII processor. On the other hand, Canon R5 has a 45.0MP Full frame (36 x 24 mm ) sized CMOS sensor and features Digic X processor.
Canon R5's sensor provides 25MP more than Olympus E-M5 III's sensor, which gives a significant advantage in real life. You can print your images larger or crop more freely.
On the other hand, please keep in mind that Max sensor resolution is not the only determinant of resolving power. Factors such as the optical elements, low pass filter, pixel size and sensor technology also affects the final resolution of the captured image.
Below you can see the E-M5 Mark III and R5 sensor size comparison.
As seen above, Canon R5 has a 3.8x Larger sensor area than Olympus E-M5 III. Larger sensors give photographer more control on the depth of field and blurry background compared to smaller sensor when shot in same focal length and aperture.