It would be, I would say, pretty impossible to do a "by hand snip", even at 5 secs. I usually use 8 secs., except on busy time such a hr., 1/2 hr., and 1/4 hr on Sundays. If there is a proxy bid higher than your snip, yes you could be outbid no matter how short the time of the snip. The proxy would be played out, I believe ahead of the snip as it would take priority if it was a higher #.
rsmiller40