Sigh! No the sensor doesn't tilt and the video doesn't show it to do so. It would also be completely pointless from a stabilization point of view to have the sensor move that way.
The five axes refer to five different types of camera shake, not five different types of sensor movement. The five types of camera movement for which the system corrects are known as pitch, yaw, roll, vertical shift, and horizontal shift. In order to correct for these five types of camera movement, the sensor moves in three ways, not five: up-down (to correct for pitch and vertical shift), left-right (to correct for yaw and horizontal shift), and rotation about the optical axis (to correct for roll).
Pitch and yaw require different motion sensors than vertical and horizontal shift and the correction of the latter is also based on different information than the former in other regards (correction of vertical and horizontal shift requires information on focus distance whereas correction of pitch and yaw doesn't). But pitch and vertical shift is corrected by the same sensor movement (up-down) and the same is true about yaw and horizontal shift (left-right).
For further detail, see this post of mine from three years ago when the five-axis IBIS system was new:
http://www.dpreview.com/forums/post/40558437