Yes, you can bid at the last minute but it does add 5 minutes of time to the auction and continues to do so if two or more people do this. It’s not something that will work very well in this type of auction as you still have to outbid any other bids left by others.
Generally, the bidding should be concluded before the last 5 minutes and the system is designed to encourage earlier bids before that time to ensure there is a more relaxed approach to it.
The earlier people know they have been outbid on an item, this gives them more time to find an alternative tool or something else they may have had their eye on rather than leaving the auction empty-handed.
With so many nice tools, most people have a budget and they put together a priority list in their watchlist. They bid their max bid on what’s on top of their lists and if they get outbid then they have alternatives.
It’s better to know early whether you are going to win something or not for this reason.
I hope this helps.