I'd say it takes more than 5 minutes to read those ToS, but it's definitely worth it.
Yes, reading the ToS is worth doing because it can help us understand the rules of the casino. We can also understand what not to do. If we don't break the rules of the casino, we will be fine when gambling.
Almost all of the casino have similar TOS and the one's hell bent to steal your fund would steal it anyway. Verifying KYC is a hassle but I won't mind doing it if it were the only way I could get back my money.
Never have I read any TOS and neither would I. I'm careful to choose my primary casinos to gamble and have idea about their pros, cons and problems the user may face. I also do try new casinos but I don't deposit huge amounts just for the first deposit bonus. To date, I'm not forced into KYC by any casino (not doing 4+ figure transactions either). Not using proxies or VPN or making double accounts. I guess that's all the TOS demands.