A $5,000 bonus is taxed once; a 5% raise pays every year and compounds. Compare them after tax.
Raises compound year after year and lift your base for future raises; bonuses are one-time. After tax, a modest raise often beats a bonus within 1–2 years.
Bonuses face flat 22% federal withholding; raises are taxed at your marginal rate through normal withholding. At filing time both follow your tax bracket.
Often yes — matches are a percent of salary, so a raise can increase your free employer money too.