Yes. The players get a total of 5 extra turns after the time is called and it doesn't matter by whom and in what order they are taken. One player can take all of those extra turns for example, and it'll count.
In a sanctioned tournament, if the time limit is reached, "five additional turns" after the current one "are played in total" (M.T.R. 2.5). (For clarity, it's best not to call them "extra turns".) However, M.T.R. 2.5 is vague on whether extra turns created during those additional turns are part of those additional turns — it says only that "usually[,] one player takes three turns and the other two, but a player taking extra turns may affect this". See also this thread.
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Thanks
* wrong forum, this should have been in the rules sectio. can a mod move? thanks